New high for Google share price

Google's share price has hit a new record high and there is speculation within the industry that it could be set to take over from Apple.

Its shares hit an all-time closing high of $821.50 (£541.90) yesterday and some commentators have suggested it is only a matter of time before the share price breaks through the $1,000 barrier.

Eric Kuby, chief investment officer at North Star Investment Management in Chicago, told Reuters that Google is the "big momentum" stock at the present time.

He said: "There's a lot of money that likes the tech sector and I think Google has kind of taken over from Apple."

Sanford Bernstein and Credit Agricole Securities are among those speculating it will not be long until Google's share price is above the $1,000 mark.

Google's share price has been steadily rising over the course of the last 12 months and the technology company, which has branched out into mobile phones and laptop computers in recent years, looks to be going from strength to strength.

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