Google stock crosses $1000 mark

Credit : Reuters

(Reuters) - Google Inc (GOOG.O) shares jumped past $1,000 on Friday as investors bet on the Internet company's continued dominance of the mobile and video advertising businesses despite aggressive competition from Facebook Inc (FB.O) and Yahoo Inc (YHOO.O).

Shortly after the markets opened Friday, Google Inc. shares jumped 14 percent to $1,015.46 and closed a day heavy trading at $1,011.41. The gains marked Google’s biggest one-day jump in more than five years.

At the $1,000 mark, Google shares were up 41% from the beginning of the year, and the company's market value reached $334 billion, still shy of leader Apple's $461 billion.

The company’s next big update could come in the form of Android 4.4 KitKat and the Nexus 5, which are expected any day now.