Technology shares rose as investors stuck with a trade that has worked throughout the crisis, buying shares of highflying technology companies that have benefited from statewide lockdown measures that have accelerated the adoption of online shopping, digital communication and other services.
Apple, Facebook and Microsoft all rose more than 2%, adding to gains.
A California appeals court granted an emergency stay to Uber and Lyft, pausing a ruling that required the ride-hailing companies to reclassify their drivers as employees by Friday. The reprieve means both companies can continue operating in the state while their appeal is considered. Both companies had said they would be forced to suspend operations in California if a stay wasn't granted.
Separately, Uber's former chief security officer, Joe Sullivan, was charged for allegedly concealing from federal authorities details about the massive data breach the ride-hailing giant suffered in 2016. Mr. Sullivan, a former federal prosecutor who is now chief security officer at internet services company Cloudflare Inc., was fired by Uber in 2017 for his role in the data breach, which affected 57 million accounts.
Airbnb said Wednesday it confidentially filed paperwork with the Securities and Exchange Commission for an initial public offering, marking a surprising turnaround for a company whose business was initially ravaged by the coronavirus pandemic.
Write to Amy Pesseto at Amy.Pesseto@dowjones.com
