Shares of Uber (UBER) - Get Uber Technologies Inc. Report and Lyft (LYFT) - Get Lyft Inc. Report got a boost Tuesday after the White House promoted an initiative by the ride-hailing companies to get more people vaccinated against COVID-19.
The companies are offering free rides for people traveling to vaccination centers and will begin promoting those locations in their apps.
The announcement is part of President Joe Biden's plan to get 70% of the U.S. adult population to have at least one vaccine shot by the July 4 Independence Day national holiday, "so that life can start to look closer to normal."
The feature will launch in the next two weeks and run until July 4.
Shares of Uber at last check were 1.6% higher at $46.50. Lyft shares slipped 0.8% to $48.77.
The president also said that community colleges nationwide will host vaccine sites, and the administration released funding for state territorial, tribal and local governments to do community outreach.
Biden also will meet with a bipartisan group of the country's governors "to discuss creative and innovative ways they are working" to get their citizens vaccinated.
Nearly 153 million people in the U.S., about 46% of the population, have received at least one dose of the vaccine. And about 116 million are people fully vaccinated, according to Ourworldindata.org.
Biden has said he wanted 200 million Americans to receive at least one dose of the vaccine in the first 100 days of his presidency, which ended April 30.
Earlier this month, shares of vaccine makers in the U.S. and Europe fell after the president indicated his support for waiving patent protections linked to proprietary COVID technology.