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Google soars past $1,000, taking S&P 500 to new high

Google soars past $1,000, taking S&P 500 to new high

Google's strong earnings sent its shares rocketing past the $1,000 mark Friday, taking the S&P 500 to a new all-time high and giving the Nasdaq a 1.3 percent gain.

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By AFP 20.10.2013

Google's strong earnings sent its shares rocketing past the $1,000 mark Friday, taking the S&P 500 to a new all-time high and giving the Nasdaq a 1.3 percent gain.

But earnings disappointments continued to weigh down the Dow, which barely managed a gain for the day.

The S&P 500 finished with a gain of 11.35 points (0.65 percent) at 1,744.50.

The Dow Jones Industrial Average put on 28.00 (0.18 percent) at 15,399.65.

The Nasdaq Composite -- which includes Google -- jumped 51.13 (1.32 percent) to 3,914.28, its highest level since September 2000.

Google shares shot up 13.8 percent to $1,011.41 after the dominant online search and ads company reported a 36 percent jump in its third-quarter net profit to $2.97 billion, or $8.75 a share. Revenues also beat forecasts with a 12 percent jump year-on-year.

Analysts said the performance demonstrated Google's ability to earn from mobile platforms, particularly its own Android operating system.

"We are closing in on our goal of a beautiful, simple, and intuitive experience regardless of your device," Google chief Larry Page told analysts.

Google's success pulled fellow Internet giants with it: Facebook (+3.9 percent), Amazon (+5.8 percent) and Yahoo (+2.1 percent).

On the sagging Dow, General Electric was a standout, gaining 3.5 percent after it beat forecasts in its third-quarter earnings.

The US industrial group reported a 9 percent fall in earnings, mainly due to the downsizing of its financing arm GE Capital. But operating earnings came in at 36 cents per share, one cent more than analysts had expected.

Still, falls by United Health (-3.7 percent) and Home Depot (-1.4 percent) held back the Dow 30.

Mexican-food chain Chipotle meanwhile put on 16.1 percent after impressing investors with an 18 percent revenue rise for the third quarter and a 6.2 percent gain in same-store sales.

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