From Nasdaq:

Wall Street surged as ride-hailing platforms Lyft and Uber rallied and Nvidia briefly overtook Alphabet as the U.S. stock market’s third most valuable company. Uber soared almost 12% with a $7 billion share buyback plan. Lyft also surged over 30% after positive profit and free cash flow outlook. The S&P 500 was up 0.54% at 4,979.83 points.

Data showing core consumer prices in January stayed at nearly double the Fed’s 2% target led Wall Street indexes to slump. Interest rate futures suggest traders expect the Fed to begin cutting rates by its June policy meeting. Relief came with Chicago Fed President’s comment that the path back to 2% inflation would still be on track, even if price increases run hotter-than-expected.

Chicago Fed President’s comment providing relief from rising consumer prices led to a rally on Wall Street in recent months. The S&P 500 was up 0.54% at 4,979.83 points while the Nasdaq gained 0.83% to 15,785.76 points and the Dow Jones Industrial Average was up 0.12% at 38,318.97 points. Among the S&P 500 sector indexes, nine rose, led by industrials and communication services.

Small-caps Russell 2000 index jumped 1.9% while Robinhood Markets soared over 10% following a surprise fourth-quarter profit. Crypto stocks surged over 10% as bitcoin’s market value crossed $1 trillion for the first time since Nov. 21. The S&P 500 posted 29 new highs and 3 new lows as advancing issues outnumbered falling ones within the S&P 500.



Read more: US STOCKS-Wall Street climbs, lifted by Uber, Lyft and Nvidia