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).
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%.
PowerShares QQQ Trust
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.
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