On Wednesday’s trading day, markets recovered losses from the previous day as investors remain hopeful over corporate earnings and upcoming Fed sentiment. Upcoming on Thursday, investors will be able to gauge the strength of consumer demand through January’s reading of retail sales. For the broader economy, several analysts were noted as claiming the S&P 500 has approached overbought territory, but a correction of over 10% was far unlikely. Interestingly, small-cap stocks rebounded greatly with the Russell 2000 index reporting a gain of more than 2%. For the main indices, the S&P 500 rose 0.96%, the NASDAQ Composite went up 1.30%, and the Dow Jones grew 0.40%.
Two individual companies to make news throughout midday trading were rideshare competitors Uber and Lyft. Rideshare titan Uber saw its stock soar 14.73% after the firm announced a $7 billion share repurchasing authorization program. Also in the green was competitor Lyft, climbing 35.12% by the bell after reporting positive earnings and experiencing controversy over a typo in its earnings report.