NEW YORK (CNN/Money) - The stock of search engine Google Inc. moved higher Friday, the day after the closely-watched stock gained 18 percent in its first day as a public stock.

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Shares of Google (GOOG: up $7.98 to $108.31, Research, Estimates) gained $7.98, nearly 8 percent, to close at $108.31 in trading on the Nasdaq. The company's market value is now $29.4 billion.

Google opened Thursday at $100, a 17 percent increase from its offering price of $85.

The company had set an original price range of $108 to $135 a share, but had to reduce that price Wednesday to the $85 to $95 range. The company used an unusual "Dutch auction" to set the open price, selling shares at the highest price that would accomplish a sale of all 19.6 million offered by the companies and insiders.

AOL, like CNN/Money a unit of Time Warner Inc., owns about 3 percent of Google.