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Wall Street Closes Up as Megacap Tech Stocks Rally

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Megacap,Tech

U.S. stocks closed higher Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.

Investors cheered Alphabet's first-ever dividend, its $70 billion stock buyback program, and better-than-expected first-quarter results. Its shares jumped to a record high, lifting the Google-parent's market value above $2 trillion.

"The earnings reports of Microsoft and Google allayed a lot of the concerns about the fact that the spending on data centers and AI, which Meta had raised a day before, was going to compress margins," said Tom Plumb, president and lead portfolio manager at Plumb Funds in Madison, Wisconsin. "Both Google and Microsoft had indicated that with their current capital plans, they still expected their margins to expand.

The report offered some relief to financial markets spooked by worries of stagflation a day after data showed inflation surging and economic growth slowing in the first quarter. According to preliminary data, the S&P 500 gained 50.27 points, or 1.00%, to end at 5,098.69 points, while the Nasdaq Composite gained 311.00 points, or 1.99%, to 15,922.76. The Dow Jones Industrial Average rose 151.37 points, or 0.40%, to 38,237.17.

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