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(Reuters) - A surge in shares of Alphabet following strong earnings drove the S&P 500 to a record high and bolstered the Nasdaq index, while investors hoped that the Federal Reserve would stick to its promise of keeping monetary policy loose.
FILE PHOTO: A man walks by the Federal Reserve Bank of New York Building in New York City, U.S., April 26, 2021. REUTERS/Shannon Stapleton
Google parent Alphabet Inc jumped 5.4% on reporting a record profit for the second consecutive quarter and announcing a $50 billion share buyback.
The S&P 500 communication services sector, which houses Alphabet, added 2.3% and led gains among the 11 major S&P 500 sectors.