Google surges, S&P at new high
NEW YORK: Google's strong earnings sent its shares rocketing past the US$1,000 mark on 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 points (0.18 percent) at 15,399.65.
The Nasdaq Composite - which includes Google - jumped 51.13 points (1.32 percent) to 3,914.28, its highest level since September 2000.
Google shares shot up 13.8 percent to US$1,011.41 after the dominant online search and ads company reported a 36 percent jump in its third-quarter net profit to US$2.97 billion, or US$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.-- AFP