Stock Market News: Uber Hits the Gas; Pinterest Paints a Pretty Picture
Friday morning was a bit of a downer on Wall Street, as major market indexes lost ground despite some positive signs on the economic front. The latest employment report from January showed gains of 225,000 jobs to start 2020, and the unemployment rate remained near historic lows at 3.6%. Yet even with this good economic news, investors seemed ready to give back some of the huge gains that the markets have enjoyed earlier in the week. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 190 points to 29,190. The S&P 500 (SNPINDEX: ^GSPC) fell 11 points to 3,335, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) dropped 28 points to 9,545.
But even though the day got off to a gloomy start, some individual companies enjoyed much sunnier prospects. Uber Technologies (NYSE: UBER) delivered solid performance in its quarterly financial report, and social media star Pinterest (NYSE: PINS) followed suit with an even more encouraging picture.
Shares of Uber Technologies rose 8% after the ride-hailing service reported its fourth-quarter financial results. The company has been controversial since well before its IPO last year, but with a strategic shift from the executive team and assurances that losses will turn into profits before the year is out, it looks as though investors are growing more optimistic about Uber's long-term prospects.
Source Fool.com
