U.S. private employers unexpectedly cut 32,000 jobs in November, reversing October's gains and signaling renewed labor-market weakness. ADP's data showed broad declines led by small businesses and major sectors like manufacturing and professional services, while pay growth continued to slow. The softer report boosted market expectations for another Fed rate cut on Dec. 10.
The Dow Jones Industrial Average jumped more than 400 points on growing expectations of an upcoming rate cut, closing nearly 0.9% higher at 47,882.90. The S&P 500 added 0.3% to 6,849.72, while the Nasdaq inched up almost 0.2% to 23,454.09.
