Wall Street climbs, Dow Jones passes 47,000 points

US stock indexes rose on Tuesday as traders increased their bets on a Federal Reserve interest-rate cut.

According to CME FedWatch, the probability of a 25-basis-point cut in December climbed to 83%, compared with 50% a week earlier.

The shift followed comments from several Fed policymakers who backed continuing the path of lower borrowing costs in the near term without jeopardizing progress on inflation, citing a weakening labor market.

A report from ADP showed that the US private sector lost an average of about 13,500 jobs per week over the four weeks ending November 11.

Fed Governor Christopher Waller said on Monday that a December rate cut is necessary, though he noted that the January decision may be more complicated because of the backlog of delayed data.

At 18:28 GMT, the Dow Jones Industrial Average rose 1.2% (558 points) to 47,006. The S&P 500 gained 0.7% (47 points) to 6,753, while the Nasdaq Composite added 0.4% (90 points) to 22,965.