Google stock reached an all-time high of $807 Tuesday, before closing at $806.85.
Investors continue to flock to the dominant Internet search engine as they're increasingly confident in the advertising potential of YouTube and the 600 million smartphones and tablet computers running Google's free Android software.
The milestone comes more than five years after Google's shares initially hit $700 in October 2007. The Great Recession began that December. Google's revenue growth slowed and its stock plummeted as low as $247 near the end of 2008. Google stock has risen about 36 percent since co-founder Larry Page replaced his managerial mentor, Eric Schmidt, as CEO in April 2011. The benchmark Standard & Poor's 500 index has climbed 15 percent over the same stretch.
If Google had its way, the stock wouldn't be priced nearly as high. The company had hoped to lower the per share price through a stock split. The move was put on hold until Google resolves a shareholder lawsuit alleging that the split would cede too much power to Page and fellow co-founder Sergey Brin, Google's largest shareholders. A trial on the lawsuit is scheduled to begin June 17 in a Delaware state court.Associated Press