03:52 PM EDT, 04/26/2024 (MT Newswires) -- US benchmark equity indexes rose in late Friday trading, driven by post-earnings rallies by Alphabet (GOOG, GOOGL) and Microsoft ( MSFT ) .

The tech-heavy Nasdaq Composite was up 2.2% at 15,954.4, while the S&P 500 rose 1.2% to 5,108.5. The Dow Jones Industrial Average advanced 0.5% to 38,282.2. Among sectors, communication services jumped 4.7%, leading the gainers. Energy paced the decliners.

Alphabet's class A and C shares jumped 10%, the top gainers on the Nasdaq. The Google ( GOOG ) parent late Thursday posted stronger-than-expected first-quarter results, initiated a dividend payout and announced a $70 billion stock buyback program.

Microsoft ( MSFT ) shares rose 2.1%, the second-biggest gain on the Dow. The tech giant late Thursday reported stronger-than-expected fiscal Q3 results as a double-digit gain in its cloud business helped boost revenue.

The US 10-year yield fell 3.7 basis points to 4.67%, while the two-year rate was little changed at 5%.

West Texas Intermediate crude oil rose 0.1% to $83.65 per barrel.