Traders work on the floor at the NYSE in New YorkMore
By Sinéad Carew
NEW YORK (Reuters) – Wall Street’s major indexes rose on Wednesday as investors bet on a Federal Reserve interest rate cut after weak private sector jobs data and hopes grew that the United States and Mexico would reach an agreement to avoid U.S. tariffs on Mexican goods.
The gains extended the rally on Tuesday when Fed Chairman Jerome Powell indicated the central bank may have to react to the U.S. trade wars, boosting rate cut hopes. Other Fed officials also hinted that a rate cut was possible.
The ADP National Employment Report on Wednesday further bolstered bets for a rate cut. U.S. private employers hired at the slowest pace in more than nine years