Shares of Google Inc. heated up this morning, muscling past $600 for the first time ever. The stock hit $601.45, surpassing the previous annual-high of $596.81, before dropping back down to dawdle at the 597 level.
New highs, though, aren't so new to Google lately, as this marks the 6th time in 3 weeks the stock has reached a new peak. Since reaching an intraday low of $480.46 on August 16, shares have vaulted $120.59, nearly 20%. The stock's rally can be chalked up to high expectations for the company's third-quarter earnings, slated to be released October 18.
Currently, Google shares are trading at $598.22, up 0.55%. The stock is hovering nearly 20 points above its 10-day moving average and 40 points above its 20-day moving average.
In related news, technology stocks in general picked up modest gains early today, with Research In Motion hitting a new high of its own. RIMM shares hit $118.77, up more than 2% since Friday. The company has been on a steady incline since posting strong earnings last week.