Bolstered by a massive gain by Google, the Nasdaq composite set a new closing high on Friday for the second straight session in a row, according to reports.
While Google Class A stock surged 16 percent, the Nasdaq Composite Index ran straight through 5200 and hit a closing high of 5210.14 — marking a gain of 46.96 points, or 0.9 percent.
Google’s newly acquired record close was reached after the search giant posted its quarterly results on Thursday, which as the Wall Street Journal reports, topped analysts’ expectations. The company saw its third-largest daily gain of all time, in regards to percentage increase.
Daniel Deming, managing director at KKM Financial, was quoted CNBC in a report as having said that “Google is certainly in the spotlight because it’s having one of its best days in the history of Wall Street” and it’s “amazing” to see the market’s ability to bounce back from bad news.
After Google’s chief business officer, Omid Kordestani, singled out Etsy in a comment during a conference call on Thursday, the e-commerce giant’s shares jumped by as much as 37 percent, all the way up to $23.10 a share.
Kordestani’s commentary on Etsy’s recent success in search as a result of “deep linking” and Google’s latest update to its search engine ranking algorithms — the algorithms which determine the positions of websites and webpages in relation to one another within the search engine’s results.
While the Nasdaq ended up at 0.9 percent, up 47 points, the Dow Jones industrial average ended at 18,086.45 and the Standard & Poor’s 500 index closed with a gain of 0.1 percent.
