put an exclamation point on the Dow’s first-ever close above 12,000 with another blow-out quarter.
Google posted 13% sequential sales growth (after traffic acquisition costs) to $1.87 billion late Thursday, $50 million above Wall Street estimates, and earnings of $2.62 a share were 20 cents better than expected. Year-over-year sales growth was 80% and profit growth 90%. The company also added 1,400 employees in the quarter, bring the total to 9,400.
Google shares gained more than 6% in late trading.
Stocks posted modest gains during the day to achieve the Dow’s record, as traders shook off more signs of an economic slowdown on the anniversary of the 1987 stock market crash.
The Dow wasn’t the only thing making history Thursday. Dell
lost 6% on news that it had lost the top PC slot to HP
surged on better than expected results, while AMD
plummeted 13% on pricing concerns.
and Check Point
gained on their results, while Nokia
fell on their numbers.
lost ground on news that it is no longer pursuing a buyout.
surged on a deal with Microsoft
The Nasdaq added 3 to 2340, the S&P 500 tacked on 1 to 1367, and the Dow gained 19 to 12,011. Volume declined to 2.6 billion shares on the NYSE, and 2 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 53% on the NYSE, and 53% on the Nasdaq. New highs-new lows were 250-12 on the NYSE, and 160-38 on the Nasdaq.