Google parent Alphabet Inc. became the fourth U.S. company ever to achieve a $1 trillion market value Thursday, punctuating a powerful rally in shares of large internet stocks to start 2020.

The search-engine giant joins peers Apple Inc., Amazon.com Inc. and Microsoft Corp. as the only firms to reach the threshold during intraday trading. Apple and Amazon accomplished the feat in the summer of 2018, while Microsoft hit $1 trillion for the first time in April of last year. Amazon never closed above $1 trillion and has fallen…

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