Mumbai, Nov. 6 -- The Nasdaq advanced 151.16 points (0.7%) to 23,499.80, the Dow climbed 225.76 points (0.5%) to 47,311.00 and the S&P 500 rose 24.74 points (0.4%) to 6,796.29.

Stocks strengthened for most of the day as traders bought at lower levels after Tuesday's steep drop driven by valuation concerns. Sentiment also improved following positive U.S. economic data, including an ADP report showing private sector employment jumped by 42,000 in October after a revised 29,000 decline in September.

The Institute for Supply Management released a report showing U.S. service sector activity returned to expansion in the month of October. Its services PMI climbed to 52.4 in October after falling to 50 in September, with a reading above 50 indi...