US stocks rally on Alphabet and Apple’s antitrust triumph
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The news: US stocks advanced on Wednesday as a court victory for Alphabet and Apple pushed shares in tech giants higher.
The numbers: The S&P 500 Index climbed 0.4%, while the Nasdaq 100 Index rose 0.5%. A gauge of Magnificent Seven companies jumped 1.73% and the Cboe VIX Index was around 17.
Shares in Alphabet rose as much as 8.5% by mid-morning in New York, while Apple climbed over 2%.
The context: On Tuesday, US District Judge Amit Mehta determined that Google will not have to sell off its Chrome browser or Android and that prosecutors had overreached in seeking forced divestiture.
The federal judge also barred the company from making exclusive contracts for Google Search, Chrome, Google Assistant and the Gemini app, and ordered it to share search data with competitors, according to the reports.
The order fell short of the more extreme outcomes feared by investors, such as a full ban on advertising revenue share deals with the likes of Apple.
