Google’s parent Alphabet breaches $2 trillion in market value

Google parent Alphabet Inc. rallied Monday to breach $2 trillion in market value for the first time, fueled by a rebound in spending on digital ads and growth in its cloud business.

Its Class A shares gained as much as 1.2% to a record high, with the stock extending a recent rally to a fifth session. Alphabet is the top performer this year among the five biggest U.S. tech stocks by sales, with a 70% advance fueled largely by the growth in Google’s advertising business.