Google (GOOG) stock hit an all-time high Monday, as the search giant's traditional Web advertising business has regained favor on Wall Street.
Google shares were up nearly 2%, close to 748, in afternoon trading Monday. Earlier in the day, Google peaked at 748.90. Google had traded as low as 247.30 in November 2008 during the global recession. The stock has an IBD Relative Strength Rating of 83, putting it among the top 17% of all stocks in performance over the past 12 months.
Analysts pointed to the Mountain View, Calif.-based company's reliable and highly profitable search advertising business as a reason for the bullish sentiment. Google's business compares favorably to that of the new crop of social media firms, like Facebook(FB) and Groupon (GRPN), which have disappointed since going public, Reuters says.