Mumbai, Sept. 23 -- The Nasdaq advanced 157.50 points (0.7%) to 22,788.98, the S&P 500 climbed 29.39 points (0.4%) to 6,693.75 and the narrower Dow inched up 66.27 points (0.1%) to 46,381.54.

Wall Street opened weaker as traders took profits from recent market gains, but selling pressure eased quickly. Optimism returned on expectations of further Federal Reserve rate cuts. The Fed, after last week's quarter-point cut, is anticipated to lower rates again in October and December.

Commerce Department has scheduled to to release the Fed's preferred readings on consumer price inflation, which could impact the outlook for rates. A number of Fed officials, including Fed Chair Jerome Powell, are also scheduled to deliver remarks over the next s...