Alphabet Shares Power SP 500, Nasdaq; Amazon Dips

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The SP 500 and the Nasdaq climbed on Wednesday, lifted by heavyweight Alphabet Incs shares after its strong results, while investors counted on more fiscal stimulus to ride out the economic downturn.

Alphabet Inc jumped 7 as it benefited from lockdowns that drove retail and other advertisers online.

The Google owners shares pushed the communication services index 2.2 higher to an alltime high. Six of the 11 major SP sectors were in the positive territory.

Amazon.com Inc dipped 0.1 as Jeff Bezos surprise move to step down as chief executive quashed optimism about bumper quarterly results. However, analysts were upbeat on the promotion of its cloud computing head to the top job.

About 83 of reports from SP 500 companies so far have surpassed analysts earnings expectations, with 97 of results from technology companies beating, according to IBES data from Refinitiv.

Wall Streets main indexes finished sharply higher for a second straight day on Tuesday in a broadbased rally as market participants digested talks over the next round of stimulus.

U.S. President Joe Biden on Wednesday will meet congressional Democrats preparing to advance his 1.9 trillion COVID19 relief plan despite Republican pushback.

Economic recovery is on the way and the market is still very focused on technology … the focus will shift at some point in next couple of months to more value, recovery names and thats where the opportunity is, said Olivier Sarfati, head of equities at GenTrust in New…

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