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. Canada’s main stock index clawed back much of the previous day’s sharp decline, with technology and industrial shares leading broad-based gains.
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 US$1.825 trillion after its shares rose 2.5%.
Uber surged almost 15% to a record high, boosted by a US$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 Toronto Stock Exchange’s S&P/TSX composite…
