(Bloomberg/Felice Maranz) — US stocks advanced on Wednesday, snapping a two-day losing streak as tech megacaps recovered thanks to a court victory for Alphabet Inc. and Apple Inc.
The S&P 500 Index climbed 0.4%, with five of 11 sectors in the green. The Nasdaq 100 Index rose 0.5%, while a gauge of Magnificent Seven companies jumped 1.73%. The Cboe VIX Index was around 17. The 10-year Treasury yield was 4.26%.
Google dodged a breakup that would have included selling its Chrome browser after a judge ruled against the government’s toughest proposals in the biggest antitrust case in three decades. The decision was also a big win for Apple, as Google will still be allowed to pay its partners. Apple gets about $20 billion a year for making Google search the default on iPhones. Alphabet shares rallied 8%, touching a record high; Apple rose 2%.
The court’s remedies “were much more favorable for Google than anticipated,”…
