Wall Street Closes Over 150 Points Higher

The Dow Jones Industrial Average closed more than 100 points higher as stocks rebounded from the significant losses experienced in the previous session.

Wall Street saw an uptick on Wednesday, with the S&P 500 rising by 0.96% to reach 5,000.62, and the Nasdaq Composite gaining 1.3% to settle at 15,859.15.

The Dow added 151.52 points, or 0.4%, closing at 38,424.27.

Lyft shares experienced a notable surge of 35% following the ride-hailing company's better-than-expected earnings in the fourth quarter.

Meanwhile, Airbnb slipped 1.7%, despite beating revenue expectations in its latest quarter.

Nvidia's stock saw a 2.5% increase, briefly pushing the chipmaker's market capitalization above that of fellow "Magnificent 7" member, Alphabet.

This rebound comes after Nvidia faced a 2% decline on Tuesday, attributed to the impact of rising Treasury yields on technology stocks.

Tuesday witnessed the 30-stock Dow registering over a 1% loss, marking its worst day since March 2023. The S&P 500 and Nasdaq Composite also experienced declines of over 1%.

The sell-off was triggered by a higher-than-expected inflation reading early in the day, leading traders to worry that the Federal Reserve might delay interest rate cuts.

The January Consumer Price Index (CPI) report suggests a shift in expectations for a Fed rate cut, moving it to the second half of 2024 from investors' initial anticipation of cuts as early as March.