Google Rally Lifts Tech, Nasdaq ETFs

ETF Trends

Google’s (GOOG) 30% rally in the third quarter has provided a lift to technology and Nasdaq ETFs. The search giant has grown to the fifth-largest U.S. company by market capitalization.

Google’s market cap surged by over $60 billion since July 14 to about $247 billion, reports Moran Zhang for International Business Times.

The company is the world’s largest search engine, accounting for 67% of the Internet search market. Its Android mobile operating system now makes up 68% of the global smartphone market as of the second quarter. Additionally, Google is projected to become the top U.S. display advertiser this year, replacing Facebook (FB).

GOOG is now nipping on the heels of the Wal-Mart Stores (WMT) at $248.1 billion and Microsoft (MSFT) at $250 billion.

Nevertheless, the company still has a ways to go to catch up to the $628.2 billion behemoth that is Apple (AAPL).

  • First Trust Dow Jones Internet Index Fund (FDN) : GOOG is 11.0%.
  • Technology Select Sector SPDR Fund (XLK) : GOOG is 5.8%, MSFT is 7.7% and APPL is 20.7%.
  • PowerShares QQQ Trust (QQQ) : GOOG is 5.5%, MSFT is 8.2% and AAPL is 19.0%.

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QQQ_ETF

For more information on the tech sector, visit our technology category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own QQQ and AAPL.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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