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Stocks gained ground Thursday on well-received earnings from a pair of blue chips. While upside was contained early on by a few disappointing mega-cap results and uneven economic data, the main equity indexes rallied into the close to end the month at new record highs.

Alphabet ( GOOGL ) found itself on the positive side of the ledger, adding 10% after the Google parent reported higher-than-expected first-quarter earnings and revenue. Google Services revenue was up 16% year over year, while Google Cloud revenue surged 63%. The company also hiked its quarterly dividend by 5%

Additionally, Alphabet raised its full-year capital expenditures guidance to $190 billion from $180 billion. In Q1, GOOGL spent nearly $36 billion on "technical infrastructure to support the AI opportunities we see across the company," according to Chief Financial Officer Anat Ashkenazi.

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