Today: Google (GOOG) shares soar almost 14 percent to close over $1,000 for the first time ever after Thursday's impressive earnings report. Meanwhile, widespread gains by tech stocks boost Nasdaq, help Standard & Poor's 500 to a record high for second day in a row.

The Lead: Google joins exclusive $1,000-a-share club, new record for S&P 500

Google shares closed above $1,000 for the first time Friday, boosting the Nasdaq and helping the S&P 500 again reach a new all-time high.

Shares in the Mountain View Internet giant surged past the symbolic mark soon after the opening bell Friday, following better-than-expected quarterly earnings Thursday. After peaking at $1,015.46 in the afternoon, Google closed at $1,011.41, up 13.8 percent for the day. The $1,000-a-share club is an exclusive one, with just three other U.S. companies: Warren Buffett's Berkshire Hathaway ($175,400 a share), pork processor Seaboard ($2,827.98) and online travel reservation site Priceline.co ($1,048.25).

Investors were impressed by Google's gains in revenue and profits despite a slowdown in its online ad business. "It's not complicated," Wedge Partners analyst Martin Pyykkonen told Bloomberg News. "This is a story that is a proven business model. The bottom line is this is a great growth stock."

Google shares are up 40 percent this year, and may grow even more: Analysts rushed to increase their price targets for Google on Friday. Jeffries raised its forecast to $1,150, Credit Suisse raised its to $1,200 and Deutsche Bank jacked its target from $970 to $1,220. How long that four-figure share price will last is up in the air though; Google announced in 2012 a plan to split its shares -- doubling the amount of stock but halving its value. The plan was challenged by shareholders and tied up in court for more than a year. But a settlement is set to be approved at the end of October with a split likely sometime over the next year. "If the court approves the settlement, we expect our board to consider the issuance of the stock dividend," a Google spokesman told StreetInsider.com.

Google's gains helped the Standard & Poor's 500 end its best week since July -- up 2.4 percent in the past five days -- and close at 1,744.50, a record high for the second day on a row. Overall, stocks have rallied this week as the government shutdown ended and a potentially devastating default was avoided. A string of better-than-expected earnings reports -- including those from General Electric and Morgan Stanley on Friday -- and the belief that the Fed will further delay cuts to its economic stimulus program have investors feeling more confident.

"People are looking at earnings but they're also looking at what they think is going to happen next," Alpine Woods Capital analyst Sarah Hunt told Bloomberg News. "After this political problem no one is expecting this to happen again in January. People are just looking for a little bit of a better economic backdrop to continue what's been a pretty decent environment for stocks."

Ron Florance, deputy chief investment officer at Wells Fargo Private Bank, agreed: "We've moved from the dysfunction of Washington to the reality of the global economy, and it looks pretty good," he told USA Today.

Tech stocks fared the best Friday, with widespread gains and Google's surge helping push the Nasdaq up 1.32 percent. For the week, the Nasdaq rose 3.2 percent.

SV150 market report: Social networks lead widespread gains

As well as the Nasdaq and S&P 500 performed Friday, the SV150 index of Silicon Valley's biggest companies fared even better, rising 2.57 percent. Social networks in particular soared: Menlo Park-based Facebook rose 3.85 percent to close at $54.22, another all-time high, after coming to a surprising ad partnership with Google; Mountain View's LinkedIn surged 4.25 percent, closing at $250.21; San Francisco-based gaming company Zynga rose 2.51 percent; and San Francisco reviews site Yelp jumped 8.69 percent.

Apple (AAPL) shares rose 0.87 percent, to $508.89, as anticipation builds for its expected announcement Tuesday of new iPads. Shares in San Jose e-commerce giant eBay (EBAY) rose 1.6 percent, to $52.20, despite a cautious forecast Thursday for holiday-season sales. Los Gatos video-on-demand leader Netflix (NFLX) rose 1 percent, to $333.50, after suggesting its original shows, such as "House of Cards" and "Orange Is the New Black," could feature extras and bonus content next year, similar to what's now found on DVDs.

And thanks largely to IBM's disappointing earnings report Thursday, Redwood City tech giant Oracle (ORCL) eclipsed it to become the world's No. 2 software company in terms of revenue, behind Microsoft. Oracle shares were mostly flat Friday though, rising just 0.09 percent.

Up: Apple, Google Oracle, Cisco (CSCO), HP, Gilead, eBay, VMware, Yahoo (YHOO), Juniper, Netflix, Facebook, Zynga, LinkedIn, Tesla

Down: Intel

The SV150 index of Silicon Valley's largest tech companies: Up 35.06, or 2.57 percent, to 1,399.58

The tech-heavy Nasdaq composite index: Up 51.13, or 1.32 percent, to 3,914.28

The blue chip Dow Jones industrial average: Up 28, or 0.18 percent, to 15,399.65

And the widely watched Standard & Poor's 500 index: Up 11.35, or 0.65 percent, to 1,744.50

Check in weekday afternoons for the 60-Second Business Break, a summary of news from Mercury News staff writers, The Associated Press, Bloomberg News and other wire services. Follow Mike Murphy at Twitter.com/mmmmurf.