Wall Street rally cools after two-day climb; Alphabet jumps over 7%

The S&P 500 and the Nasdaq treaded water in choppy trading on Wednesday after two days of sharp gains while Alphabet Inc's shares headed for their best day in nine months following its strong quarterly results.
 

Alphabet jumped 7.3% as it benefited from lockdowns that drove retail and other advertisers online.
 

The Google owner's shares pushed the communication services index 2.1% higher to an all-time high. Five of the 11 major S&P sectors were in the positive territory, including economy-linked energy, financials and materials .
 

Amazon.com Inc dipped 0.4% as Jeff Bezos' surprise move to step down as chief executive