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Google shares hit all-time high

The company's stock, which rose to $775.60 today, contrasts with the stock performance of rival Apple.

It's not a bad day to be Google.

The search giant's shares soared to an all-time high today amid hopes it will soon resolve its European antitrust issues.

Google reportedly handed a settlement proposal to the European Commission yesterday, just making the deadline to respond to an inquiry into possible antitrust issues.

The EU's probe was opened in 2010 when European regulators asked the company to explain how it ranked search results and advertising after complaints of anticompetitive behavior from European businesses. Google has been trying to settle the case since it started as it faces a fine of up to 10 percent of its global revenue.

Any sort of settlement would be a relief for the company and investors, which could stand to lose about $4 billion via the fine if the commission finds Google has violated European antitrust laws.

Shares closed today at $775.60, up $19.91 or 2.63 percent. The stock has climbed 33 percent over the past 52 weeks and has surpassed its prior all-time high of $774.38 from October.

Google's stock performance of late has contrasted pretty sharply with that of rival Apple. Google shares soared after it reported better-than-expected results during its last quarterly report. In addition, some analysts have become more bullish as Google's Android operating system gains against iOS. A wide array of analysts have increased their price targets on Google's stock in recent weeks, while Apple largely saw the opposite.

Wall Street has been skittish about Apple's flat profits in its most recently ended quarter and its weak forecast for the current period came. Expectations have since been ratcheted back by some analyst firms, many of which now say that investors should look to the company's mid-year product announcements, as well as a longer-term view of iPhone and iPad sales for signs of the company's health.

Apple's shares have fallen 36 percent since their peak of $705.07 in September. The company last month gave the title of "world's most valuable company" back to Exxon Mobil. Apple's stock recently slid a fraction to $453.83.

However, even with Apple's recent declines and Google's gains, Apple's market capitalization still eclipses that of its rival. Apple recently was valued at $425.8 billion, according to Google Finance, while Google was valued at $255.1 billion.

Update at 3:09 p.m. PT: Added closing stock price.