April 26, 2024 – 7:08 AM PDT
(Reuters) – Wall Street’s main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from Alphabet pushed its market value over $2 trillion, while an in-line inflation reading calmed interest rate jitters.
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Alphabet (GOOGL.O) jumped 10.8% to a record high after the Google-parent announced its first-ever dividend, a $70 billion stock buyback and beat estimates for first-quarter results.
The share surge led to the search giant’s market value briefly topping $2 trillion on an intraday basis.
Lifting sentiment further, Microsoft (MSFT.O) gained 2% on beating Wall Street estimates for third-quarter revenue and profit, driven by gains from AI adoption across its cloud services.
Other growth stocks also rose on the results, with Amazon.com (AMZN.O) and Nvidia (NVDA.O) up 1.7%…
