* Alphabet jumps on record profit
* Microsoft shares down after report
* Indexes: Dow -0.43%, S&P 500 flat, Nasdaq -0.11%
(Updates following Fed announcement)
By Noel Randewich and Shreyashi Sanyal
April 28 (Reuters) - The S&P 500 was flat on Wednesday after
the U.S. Federal Reserve held interest rates and its monthly
bond-buying program steady and gave no sign it was ready to
reduce its support for the recovery.
Despite the improving economy, the Fed repeated the guidance
it has used since December, saying it must see "substantial
further progress" towards its inflation and employment goals
before stepping back from its monthly bond purchases.
Google parent Alphabet Inc GOOGL.O jumped about 4% after
reporting a record profit for the second consecutive quarter and
announcing a $50 billion share buyback. Both Alphabet and the S&P 500 communication services sector
.SLPRCL , which houses the company, also hit record highs.
Investors are now awaiting quarterly reports from Apple Inc
AAPL.O and Facebook Inc FB.O after the market closes.
The Dow Jones Industrial Average .DJI was down 0.43% at
33,840.44 points, while the S&P 500 .SPX was flat at 4,186.65.
The Nasdaq Composite .IXIC dropped 0.11% to 14,075.17.
Microsoft Corp 's MSFT.O quarterly report late on Tuesday
met sales expectations and beat profit estimates, but its shares
fell about 3% and pressured the Nasdaq 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% 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.
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US STOCKS-S&P 500 flat after Fed holds steady on rates
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