Google’s (NasdaqGS: 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 (NasdaqGS: FB).
GOOG is now nipping on the heels of the Wal-Mart Stores (NYSE: WMT) at $248.1 billion and Microsoft (NasdaqGS: 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 (NasdaqGS: AAPL).
- First Trust Dow Jones Internet Index Fund (NYSEArca: FDN): GOOG is 11.0%.
- Technology Select Sector SPDR Fund (NYSEArca: XLK): GOOG is 5.8%, MSFT is 7.7% and APPL is 20.7%.
- PowerShares QQQ Trust (NasdaqGM: QQQ): GOOG is 5.5%, MSFT is 8.2% and AAPL is 19.0%.