Lyft, Uber Rise Sharply on a Winning Day for Wall St.

Stocks recovered much of their Tuesday losses
By Newser Editors and Wire Services
Posted Feb 14, 2024 3:58 PM CST
Lyft, Uber Surge as Wall Street Recovers Losses
A ride share car displays Lyft and Uber stickers on its front windshield in downtown Los Angeles.   (AP Photo/Richard Vogel, File)

On Wednesday, stocks recovered much of their sharp losses from a day before, which had been triggered by worries that interest rates will stay high for months longer than hoped.

  • The S&P 500 rose 47.45 points, or 1%, to 5,000.62, good for more than two-thirds of its loss from Tuesday.
  • The Dow Jones Industrial Average rose 151.52 points, or 0.4%, to 38,424.27.
  • The Nasdaq composite rose 203.55 points, or 1.3%, to 15,859.15
The smallest stocks, which took the hardest hit from worries about higher interest rates on Tuesday, bounced back more than the rest of the market, the AP reports. The Russell 2000 index jumped 2.4%.

Lyft shares were 35.1% higher after a wild ride in off-hours trading driven by a typo in its latest earnings report. The company reported stronger profit and revenue than analysts expected, but its press release also said it expects a key measure of profitability to improve by 500 basis points, or 5 percentage points. Later, it said that should have been 50 basis points, or 0.5 percentage points. Lyft's stock had rocketed up 60% in after-hours trading Tuesday following the typo. Rival Uber Technologies rose 14.7% after its board authorized a program to buy back up to $7 billion of its stock. Investors tend to like such programs because they send cash directly to shareholders and can boost per-share profits.

Nvidia, which has been riding a mania around artificial-intelligence technology, rose 2.5% Wednesday and was one of the strongest forces pushing up the S&P 500 index. DaVita jumped 8.6% for another of the S&P 500's larger gains after the health care company reported stronger profit and revenue for the latest quarter than analysts expected. Robinhood Markets gained 13% after it reported a profit for the latest quarter, when analysts were expecting a loss. On the losing end, Akamai Technologies dropped 8.2% after it reported mixed results. Its profit for the latest quarter topped analysts' forecasts, but its revenue fell short.

(More stock market stories.)

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