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The Dow Jones Industrial Average rose 408.44 points, or 0.86 percent, to close at 47,882.90. The S&P 500 gained 0.30 percent to finish at 6,849.72, while the Nasdaq Composite added 0.17 percent to close at 23,454.09.

ADP, an outsourcing company that provides business management services including payroll, human resources and tax services, reported that private-sector payrolls across the United States unexpectedly fell by 32,000 in November. Economists surveyed by Dow Jones had expected an increase of 40,000 for the month.

Despite the weak figures, investors interpreted the job losses in the private sector as increasing the likelihood that the Fed will cut interest rates at its year-end meeting on December 10. According to analysts, the released data on employment losses strengthened the odds of a rate cut.

Accordingly, markets are now pricing the probability of an interest rate cut next Wednesday at 89 percent, a level much higher than the probability in mid-November.

Investors expect that a low interest-rate environment will stimulate credit growth and give fresh momentum to the US economy. As a result, major financial stocks such as Wells Fargo and American Express rose on Wednesday. Analysts note that the belief that “if there is no rate cut, things will not go well” has been gaining traction in the market.

Microsoft shares had a troubled trading day, falling 2.5 percent after The Information reported that the company had reduced software sales quotas related to artificial intelligence. The stock recovered from its intraday lows after the company denied that it had cut sales quotas for its sales staff.

Other names linked to AI-related trading, including chipmakers Nvidia and Broadcom, also declined alongside Microsoft. Micron Technology likewise came under pressure, losing more than 2 percent.

Meanwhile, Bitcoin continued its upward move, trading above 93,000 dollars after the flagship cryptocurrency suffered its worst day since March on Monday.

On Wall Street, shares of Marvell Technology jumped nearly 8 percent after the market reacted to the company’s data-center growth forecasts. American Eagle Outfitters was another standout, gaining around 15 percent after becoming the latest retailer to raise its year-end outlook. The apparel company said the holiday shopping season had gotten off to a strong start.