US equity indexes experienced gains after midday Wednesday, with the Dow Jones Industrial Average leading the rise, as investors anticipate greater clarity on the Federal Reserve's policy easing program. The S&P 500 increased by 0.3% to 6,067.4, while the Nasdaq grew by 0.2% to 20,154.1, and the Dow Jones Industrial Average surged by 0.5% to 43,653.4.
Notably, the Dow's decline on Tuesday marked its longest stretch of losses since 1978, closing nine consecutive times lower. Among the sectors, technology and healthcare recorded gains during the day, whereas real estate emerged as the biggest decliner. In terms of economic indicators, November housing starts witnessed a decline of 1.8% compared to the previous month, settling at a rate of 1.289 million annually.
This figure fell short of Bloomberg's expectations, which estimated a rate of 1.34 million after an October adjustment to a pace of 1.312 million. Conversely, building permits saw an uptick of 6.1%, reaching a 1.505 million rate in November, surpassing the expected 1.43 million rate and following an October decrease to 1.419 million. The Federal Open Market Committee is set to unveil its post-meeting statement at 2:00 p.m.
E.T., followed by Fed Chair Jerome Powell's press conference at 2:30 p.m. E.T. "While a rate cut is anticipated for December, the market's primary focus is on the Fed's economic outlook and any indications of a more cautious approach to monetary policy heading into 2025," noted a D.A. Davidson research commentary. In the realm of US Treasury yields, mixed movements were observed.
The 10-year yield rose by 1.4 basis points to 4.40%, while the two-year yield dropped by 1.1 basis points, landing at 4.23%. In company-specific developments, Jabil (JBL) shares soared over 9% intraday, the highest increase on the S&P 500, following an upward revision of its fiscal 2025 projections for core earnings and net revenue. West Texas Intermediate crude oil futures climbed by 1.4%, reaching $71.07 per barrel..