Google Inc (NASDAQ:GOOG) shares hit an all-time high today as investors look forward to a resolution to the anti-trust issues surrounding the search giant. The stock soared to almost $777 per share in Friday trading, a remarkable rally from about 10 days ago when it dipped dangerously close to $700 per share.
Google Inc (NASDAQ:GOOG)’s price rally helped push the Dow Jones Industrial Average higher, pushing it past 14,000 for the first time since October 2007. The average came close to hitting its all-time high of 14,164. The search giant’s stock also boosted the Standard & Poor’s 500 Index close (but not quite) to a new all-time high.
On Thursday Google Inc (NASDAQ:GOOG) gave the European Commission a settlement proposal, just barely hitting the deadline for a response into the commissions inquiry into potential anti-trust issues. The European Union began its investigation in 2010 when regulators asked Google Inc (NASDAQ:GOOG) to give an explanation for how it ranked advertising and search results.
European businesses complained that Google had been acting unfairly in the way it ranked ads and search results. Google has been attempting to reach a settlement in the case as potential fines could have reached up to 10 percent of the company’s worldwide revenue.
The company reached an agreement with the Federal Trade Commission in the U.S. last month. Sources told AllThingsD that the settlement with European regulators will likely be similar, although the European agreement may not address patents and will probably come with instructions to direct Google INcin better search labeling.