US stocks surged in early Wednesday trades as investors await a speech from Federal Reserve Chairman Jerome Powell later this afternoon.
Powell is expected to hit a hawkish tone as the Fed continues its grapple with inflation, though the central bank is widely seen slowing down its rate-hike pace to 50 basis points from 75 basis points at its upcoming FOMC meeting in mid-December.
Economic data was mixed on Wednesday, with third-quarter GDP growth revised upwards to 2.9% from 2.6%. Meanwhile, the November payroll report from ADP showed private companies adding 127,000 jobs, well below estimates for 190,000 jobs. The Labor Department’s November jobs report will be released this Friday.
Here’s where US indexes stood today:
S&P 500: 3,964.22, up 0.17%
Dow Jones Industrial Average: 33,868.30, up 0.05% (15.77 points)
Nasdaq Composite: 11,025.96, up 0.38%
