Alphabet pushes S&P 500 to record high, bolsters Nasdaq index

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.

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.

Market participants are also prepping for results of Apple Inc and Facebook Inc after markets close.

Facebook Inc is expected to report a rise in first-quarter revenue, while Apple Inc is expected to post a more than 32% jump in second-quarter revenue. Shares of Facebook rose 1.4%, while Apple dipped 0.2%.