U.S. Stocks Open Higher on Friday; Alphabet Shares Surge 12%

Tiger Newspress04-26

The S&P 500 and Nasdaq Composite rose Friday as Big Tech names Alphabet and Microsoft rallied on strong earnings and traders pored through fresh U.S. inflation data.

Alphabet posted better-than-expected first-quarter earnings and revenue and the parent company of Google announced it would be paying its first dividend of 20 cents a share. Alphabet also said its board board authorized the repurchase of up to $70 billion in stock. Alphabet shares were rising 12% in morning trading, positioning the company for a valuation of more than $2 billion. Alphabet is the fourth U.S. company to reach the $2 trillion market cap milestone, joining Apple, Nvidia, and Microsoft.

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