GE's Market Cap Touches $500 Billion as Stock Split Sets Off Rally

Updated from 2:26 p.m. EST

Investors applauded Friday after the board of General Electric (GE Quote) approved a 3-for-1 stock split, and the resulting rally pushed the company's market value above $500 billion for much of the day.

The board also voted to increase the company's quarterly dividend and share repurchase program. The dividend will rise 17%, to 41 cents a share from 35 cents a share, and is payable on Jan. 25 of next year to all shareholders at the close of business on Dec. 27. The share repurchase program will expand from $17 billion to $22 billion. ...