Wall Street ends higher, lifted by Uber, Lyft and Nvidia
Wall Street ended sharply higher on Wednesday as ride-hailing platforms Lyft and Uber rallied, while Nvidia displaced Alphabet as the U.S. stock market's third most valuable company. Nvidia overtook Alphabet's market capitalization ahead of the dominant AI chipmaker's quarterly results next week, now with a with a stock market value of $1.825 trillion after its shares rose 2.5%.
Uber surged almost 15% to a record high, boosted by a $7 billion share buyback plan.
Lyft soared 35% after its profit beat estimates and it said it would generate positive free cash flow for the first time in 2024.
Helping lift the S&P 500, Meta Platforms and Tesla both gained more than 2%.
The S&P 500 climbed 0.96% to end the session at 5,000.62 points.
The Nasdaq gained 1.30% to 15,859.15 points, while Dow Jones Industrial Average rose 0.40% to 38,424.27 points.
Super Micro Computer jumped more than 11%, adding to recent AI-related gains for the server equipment seller. That helped the Russell 200 jump 2.4%, its biggest one-day leap since mid-December.
Wall Street indexes slumped to over one-week lows on Tuesday and the blue-chip Dow posted its worst day in 11 months, after data showed core consumer prices in January stayed at nearly double the Fed's 2% target, forcing investors to reassess their rate cut expectations.
«Regardless of when that first cut is, I think the market should fear what the Fed fears. What the Fed fears is cutting too soon and having to raise rates. That would be catastrophic for this rally,» said Jake
