Google Gallops Past $500

The stock hits another high a month after an earnings blowout.
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Google's

(GOOG) - Get Report

pursuit of ad sales opportunities beyond the Internet helped push the stock past its latest milestone.

Shares passed the all important $500 level early Tuesday as investors continued to rally behind the biggest name in online advertising. Shares are up 18% since last month's third-quarter earnings blowout.

Google's ability to cash in on Web-based advertising has been a big part of the company's growth story. But the Mountain View, Calif., Net search shop has been looking to extend its success on the Internet to traditional media through approaches like rival

Yahoo's

(YHOO)

recent revenue-sharing

deal with newspapers.

Newspaper and print advertising is just one area where Google has been experimenting. The company has said it also plans to explore media buying and ad placement models with TV and radio.

To Wall Street, this suggests there's even more growth ahead.

The $500 milestone comes just 27 months after Google went public in August 2004. Shares, which hit a

new high last month after giving ground for much of 2006, are up 490% since the stock hit the market.

Google shares were up $9.14 to $504.19 by midmorning Tuesday.