(MENAFN) Last week, US stock indices collectively experienced gains, buoyed by a robust uptick in shares of companies boasting significant market capitalization. This surge was particularly evident following the release of strong quarterly results from technology giants Alphabet and Microsoft, coupled with the unveiling of US inflation data.
Investor sentiment soared as Alphabet announced its inaugural dividend distribution, accompanied by the initiation of a substantial USD70 billion share buyback program. The company's first-quarter performance surpassed expectations, further fueling investor optimism.
Alphabet, the parent company of the renowned search engine "Google," witnessed its market value surpass the historic milestone of two trillion dollars for the first time. This achievement followed a notable surge in its stock price, which soared by over 10 percent to reach USD171.95 per share.
Similarly, Microsoft's shares experienced an upward trajectory after the company reported quarterly revenues and profits that exceeded Wall Street's forecasts. These gains were primarily attributed to the increased adoption of artificial intelligence across its cloud services.
In terms of market movements, the Standard & Poor's 500 index surged by 2.67 percent over the course of the week, reaching a level of 5,099.96 points. This upward momentum underscored the overall positive sentiment prevailing in the US stock market, driven by strong corporate performances and encouraging economic data.
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