Google reaches new stock high of $559.99

MOUNTAIN VIEW, Calif., Sept. 22 (UPI) -- U.S. firm Google Inc. stock reached an all-time high this week of $559.99 thanks in part to its founders' increased success.

The San Jose Mercury News said Friday that with Google co-founders Sergey Brin and Larry Page making Forbes magazine's list of the nation's 10 richest people, the company's stock price rose $7.16 to a new high.

The 1.30 percent increase was also aided by a series of positive comments from analysts regarding the Internet group's current and future success.

Bear Stearns analyst Robert Peck said Thursday that Google will likely reach the $100 billion mark in revenue this year if the company can meet several industry challenges.

Peck's analysis was supported by American Technology Research analyst Rob Sanderson, who said Google's stock price would likely reach $685.

Sanderson said Google would enjoy such success if the online organization is able to capitalize on foreign markets, the newspaper reported.

"The real story is the rest of the world is quickly catching up to the markets like the U.S. and the U.K.," Sanderson said.