Stocks rebounded on Wednesday as Wall Street attempted to recover some of the significant losses experienced in the previous session.
The Dow Jones Industrial Average rose by 116 points, or 0.3%. The S&P 500 saw a gain of 0.6%, while the Nasdaq Composite surged by 0.9%.
Lyft saw its shares spike by over 28% following the announcement of better-than-expected earnings in the fourth quarter. Conversely, Airbnb saw a decline of over 3%, despite beating revenue expectations in its most recent quarter.
In the prior session, the 30-stock Dow experienced a drop of more than 1%, marking its worst day since March 2023. The S&P 500 and Nasdaq Composite also recorded declines of over 1%. The sell-off was triggered by an inflation reading that was higher than anticipated, leading traders to speculate that the Federal Reserve might delay interest rate cuts beyond their initial expectations.
Source (CNBC)
