Google surges after buying back billions of dollars of its own stock | CNN Business

New York CNN  — 

Alphabet, the parent company of Google, bounced back from an absolutely dreadful day for tech shares, as its stock surged Thursday after the closing bell. All it had to do was to hand out billions of dollars to investors.

The tech giant announced its first quarterly cash dividend, saying it will pay $0.20 per share on June 17 to shareholders of record as of June 10, as well as a $70 billion share buyback. Buybacks and dividends help to boost stock prices by rewarding investors with cash just for holding the stock — but

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