Google Stock Hits $700

Updated from 9:45 a.m. EDT

Google (GOOG Quote) investors are really making it happen.

Shares of the search giant rocketed through $700 for the first time Wednesday morning before pulling back a bit. The rise puts the stock up 52% for the year and up 723% since its August 2004 initial public offering.

The news comes as Wall Street has gotten behind tech superstar stocks such as Apple (AAPL Quote), Amazon (AMZN Quote), Baidu (BIDU Quote) and Research In Motion (RIMM Quote), all of which have risen even more than Google this year. Investors are betting that these companies will continue to produce outsize growth even as the U.S. economy slows.

Lately, Google was at $699.63, up $4.86 on the day.