US STOCKS-Alphabet pushes S&P 500 to record high, props up Nasdaq

* Alphabet jumps on record profit, plans $50 billion buyback
* Communication services leads gains among S&P 500 sectors
* Boeing falls on wider-than-expected quarterly loss
* Microsoft shares down on valuation
* Indexes: Dow down 0.44%, S&P up 0.19%, Nasdaq up 0.13%

(Updates to open)
By Shreyashi Sanyal and Shivani Kumaresan
April 28 (Reuters) - 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 GOOGL.O 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 .SLPRCL , 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 AAPL.O and Facebook Inc FB.O after markets close.
Facebook Inc FB.O is expected to report a rise in
first-quarter revenue, while Apple Inc AAPL.O is expected to
post a more than 32% jump in second-quarter revenue. Shares of
Facebook rose 1.4%, while Apple dipped 0.2%.
Meanwhile, the U.S. central bank's policy statement is
expected to largely follow the mold established in December,
when the Fed said it would not change monetary policy until
there had been "substantial further progress" in meeting its
maximum employment and 2% inflation goals. The statement is due
at 2 p.m. EDT. "Investors will get what they are expecting, which is
continued super dovish comments from the Fed," said Christopher
Grisanti, chief equity strategist at MAI Capital Management in
Cleveland.
"If there is any change from that stand, it'll be a big deal
for the markets, but that is unlikely."
At 10:10 a.m. ET the Dow Jones Industrial Average .DJI was
down 148.57 points, or 0.44%, at 33,836.36, the S&P 500 .SPX
was up 8.11 points, or 0.19%, at 4,194.83 and the Nasdaq
Composite .IXIC was up 18.24 points, or 0.13%, at 14,108.45.
The tech-heavy Nasdaq .IXIC on Monday completed a full
recovery from its 11% correction that began in February, largely
supported by a rise in mega-cap stocks and ebbing inflation
fears.
Microsoft Corp MSFT.O met quarterly sales expectations and
beat profit estimates, but its shares fell 2.9% due to
skepticism about one-off benefits included in the results and
high hopes after a year-long rally. Biotech Amgen Inc 's AMGN.O 7.6% decline weighed on the Dow
.DJI after it said its first-quarter sales and profit fell
due to a 7% drop in its net drug prices and a hit from the
COVID-19 pandemic.
Boeing Co BA.N fell 3% after posting a wider-than-expected
quarterly loss, even as it reported an improvement in aircraft
deliveries as its 737 MAX jets come back on line. Overall earnings for S&P 500 companies in the first quarter
are expected to jump 35% from a year earlier, which would be the
biggest surge since the fourth quarter of 2010, according to
Refinitiv IBES data.
U.S. President Joe Biden is expected to unveil a sweeping
$1.8 trillion package for families and education in his first
joint speech to Congress, senior White House officials say.

Advancing issues outnumbered decliners by a 1.12-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.19-to-1 ratio on the Nasdaq.
The S&P index recorded 55 new 52-week highs and no new low,
while the Nasdaq recorded 61 new highs and nine new lows.