Wall Street reverses higher after weak opening

US stock indexes rose on Wednesday, reversing earlier losses that followed the release of weak economic data.

Figures from ADP showed that the US private sector shed 32,000 jobs in November, defying Dow Jones forecasts that had pointed to a gain of 40,000 positions.

Later this week, the US will publish Personal Consumption Expenditures data — the Federal Reserve’s preferred inflation gauge.

According to CME Group’s FedWatch tool, markets are pricing in nearly an 89% probability of an interest-rate cut at the upcoming meeting, a sharp increase from expectations in mid-November.

As of 15:52 GMT, the Dow Jones Industrial Average was up 0.4% (182 points) at 47,662. The broader S&P 500 rose 0.2% (11 points) to 6,839, while the Nasdaq Composite gained 0.1% (10 points) to 23,423.