Stocks rose Wednesday as Wall Street braced for the Federal Reserve’s latest policy decision on interest rates after closing out a terrible month.
The Dow Jones Industrials added 76.71 points, to lead off Wednesday at 33,129.58.
The S&P 500 index progressed 10.38 points to 4,204.18.
The NASDAQ surged 33.01 points to 12,884.25.
Information technology stocks outperformed, gaining 0.8%. Nvidia was higher by more than 1%. Advanced Micro Devices rose more than 2%.
The Treasury detailed plans of the size of its future bond sales amid growing concerns of the U.S. government’s rising debt load. It appeared to be in-line with what traders were expecting. The Treasury will auction $112 billion in debt next week, largely matching what Wall Street was expecting.
Private sector payrolls in October came in weaker than expected, the ADP said Wednesday. Companies added 113,000 workers last month, lower than the 130,000 anticipated by economists polled by Dow Jones.
Wall Street is coming off a dismal October. The Dow slid 1.4% to end the month, and the S&P 500 fell 2.2%, marking the first three-month losing streak for both indexes since March 2020. Notably, the S&P 500 temporarily fell into correction territory. The NASDAQ Composite dropped 2.8% in October, also falling for a third straight month.
Prices for the 10-year Treasury jumped, lowering yields to 4.81% from Tuesday’s 4.92%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.83 to $82.85 U.S. a barrel.
Gold prices let go of 10 cents to $1,994.20.