The New York Stock Exchange was up on Wednesday, as the weaker-than-expected ISM services index figure fueled the scenario of a forthcoming rate cut by the Federal Reserve.

In late morning trading, the Dow Jones advanced 0.4% to 44,878.1 points, while the broader S&P 500 index gained 0.4% to 6,073.8 points.878.1 points, while the broader S&P 500 index gained 0.4% to 6073.8 points, after setting a new all-time high above 6075 points earlier in the day.

The Nasdaq Composite advanced 1% to 19,670.7 points, after also hitting an all-time high of nearly 19,682.7 points earlier in the morning.

This morning, the Institute for Supply Management (ISM) announced that its index measuring activity in the services sector had fallen to 52.1 from 56 in October, a figure higher than analysts' estimates, who were giving it an average of 55.5.

While not necessarily a good omen for fourth-quarter growth, this indicator simplifies the ongoing debate on the possibility of further monetary easing this month.

According to the CME's FedWatch tool, traders now rate this scenario at 75.7%, compared with 66.5% a week ago.

Another tertiary sector indicator, the S&P Global PMI index, did, however, maintain doubts, as it rose to 56.1 in November from 55 in October.

The uptrend was further fuelled by ADP's private sector employment survey, which added 146,000 jobs in November, slightly below expectations.

Wall Street's gains remain limited, however, ahead of a lunchtime speech by Federal Reserve Chairman Jerome Powell in a debate hosted by the New York Times.

Markets expect him to maintain a cautious approach to ongoing easing, and to continue to emphasize his 'data-dependent' approach to monetary policy.

Also weighing on the trend, the energy sector shed more than 2% in reaction to the sharp fall in oil prices on the eve of the Opec meeting.

On the NYMEX, US light crude shed almost 0.3% to $69.8.

On the bond front, Treasuries got off to a volatile start, torn between economic indicators arguing in favor of rate cuts and a certain wait-and-see attitude ahead of Jerome Powell's remarks.

After rising to 4.27% at the start of the day, the yield on the bond fell back to around 4.21%, while the dollar also resumed its upward slope as it awaited Jerome Powell's statements, allowing the euro to climb back above the 1.05 mark against the greenback.

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