Mumbai, Dec. 4 -- The Dow jumped 408.44 points or 0.9% to 47,882.90, the Nasdaq rose 40.42 points or 0.2% to 23,454.09 and the S&P 500 climbed 20.35 points or 0.3% to 6,849.72.

The Dow advanced as shares of UnitedHealth surged 4.7%, with Goldman Sachs, McDonald's, and Amgen also recording strong gains. In contrast, Microsoft shares dropped 2.5% after reports suggested the company lowered its AI software growth targets. Market strength followed an ADP report showing private sector employment fell by 32,000 jobs in November, defying expectations for a small gain, fueling optimism that the Federal Reserve will cut interest rates next week.

CME Group's FedWatch Tool now shows an 89% chance of another quarter-point rate cut, with analysts li...