Business Highlights

By The Associated Press

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Renewed fervor for Google lifts stock above $800

SAN FRANCISCO (AP) ⿿ Google's stock price topped $800 for the first time Tuesday amid renewed confidence in the company's ability to reap higher profits from its dominance of Internet search and prominence in the growing mobile market.

The milestone comes more than five years after Google's shares initially hit $700. Not long after breaking that barrier in October 2007, the economy collapsed into the worst recession since World War II and Google's stock tumbled into a prolonged malaise that eventually led to a change in leadership.

Besides enriching Google's employees and other shareholders, the company's resurgent stock is an implicit endorsement of co-founder Larry Page. He replaced his managerial mentor, Eric Schmidt, as CEO in April 2011. Google's stock has risen by 36 percent since Page took over. By contrast, the benchmark Standard & Poor's 500 index has climbed by 15 percent over the same stretch.

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US ready to strike back against China cyber attacks

WASHINGTON (AP) ⿿ As public evidence mounts that the Chinese military is responsible for stealing massive amounts of U.S. government data and corporate trade secrets, the Obama administration is poised to spell out specific trade actions it may take against Beijing or any other country guilty of cyberespionage.

According to officials familiar with the plans, the White House is eyeing fines, penalties and other trade restrictions as initial, more-aggressive steps the U.S. would take in response to what top officials say has been an unrelenting campaign of cyberstealing linked to the Chinese government. The new strategy is to be released Wednesday, said the officials, who spoke on condition of anonymity because they were not authorized to speak publicly about the threatened action.

The White House plans come after a Virginia-based cybersecurity firm released a torrent of details Monday that tied a secret Chinese military unit in Shanghai to years of cyberattacks against U.S. companies. After analyzing breaches that compromised more than 140 companies, Mandiant has concluded that they can be linked People's Liberation Army's Unit 61398.

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