Shares of technology companies rose as concerns about valuations subsided.

"Broadly speaking valuations are high, but not absurdly high," said Oliver Pursche, senior vice president at financial advisory Wealthspire.

"Everyone's focused on the Magnificent Seven. Well, they're basically back to where they were in January 2022 but their earnings have grown significantly over that time-frame so their valuations are not crazy," Pursche said.

Shares of Angi jumped Wednesday after the company's loss narrowed in the fourth quarter.

Lyft shares hit a 52-week high Wednesday following the company's strong fourth-quarter results and despite confusion caused by a mistake in its earnings release.

Rival Uber Technologies rallied after it initiated its first ever stock buyback, a $7 billion planned share repurchase.

Write to Rob Curran at

(END) Dow Jones Newswires

02-14-24 1725ET