Google stock prices on Friday rose to their highest level in more than a month after the internet giant said it was increasing its dividend by 5 percent to $4.00 per share and a 5 percent increase in the price of its stock.
The company’s stock is up more than 30 percent this year, with the Dow Jones Industrial Average climbing 3 percent and the S&P 500 up more over 1 percent.
The stock market rally has been fueled by a wave of bullish sentiment following President Donald Trump’s election win and a surge in U.S. oil prices.
Trump is expected to sign executive orders on Friday that will reduce regulations for the oil industry and increase oil exploration and production.
The announcement follows his first major foreign policy speech since becoming president, in which he promised to boost energy production by 30 percent and increase investment in energy infrastructure.
The president also pledged to revive a tax credit that allows people to save up to $2,500 on oil and gas production.
Google stock price rose 2.6 percent to close at $57.20.
Microsoft stock rose 2 percent to end at $76.93.
The Dow Jones industrial average climbed 4.1 percent and S&s stock rose 1.5 percent.
The Nasdaq composite rose 2% and the Russell 2000 index of technology companies advanced 1.4 percent.