Apple's stock may have fallen back below $700 a share on investor disappointment from iPhone sales, but Google's stock just hit a new all-time high.
Google stock peaked at $747.28 in morning trading on Monday, passing the company's previous intraday trading high of $747.24 a share, which occurred almost five years ago on Nov. 7, 2007.
The company's stockpassed the $700 milestone earlier this month for the first time in five years and has been on a nice run since then. What makes this all the more impressive is that the stock's rise hasn't really been tied to any single big piece of news. Instead, it appears to be based on investor confidence about Google's strength in a range of categories, including search, advertising and mobile.
Google's stock began its meteoric rise in mid-July following strong second quarter revenues from mobile advertising and also the strong consumer demand for the Nexus tablet. Since then, reports have also shown that Google is dominating in display advertising and Android activations have passed half a billion globally.
The stock has since dipped back down slightly and is trading around $745 a share.