US Markets

Stocks climb as soft data fuels rate cut hopes

Credit: REUTERS/BRENDAN MCDERMID

Wall Street climbed on Thursday after data showing services-sector activity at a three-year low fueled expectations the Federal Reserve would cut interest rates in an effort to thwart a wider economic downturn.

NEW YORK, Oct 3 (Reuters) - Wall Street climbed on Thursday after data showing services-sector activity at a three-year low fueled expectations the Federal Reserve would cut interest rates in an effort to thwart a wider economic downturn.

The Dow Jones Industrial Average .DJI rose 123.37 points, or 0.47%, to 26,201.99, the S&P 500 .SPX gained 23.13 points, or 0.80%, to 2,910.74 and the Nasdaq Composite .IXIC added 87.02 points, or 1.12%, to 7,872.27.

(Reporting by Chuck Mikolajczak Editing by Chris Reese)

((charles.mikolajczak@tr.com; @ChuckMik; +1 646 223 5234; Reuters Messaging: charles.mikolajczak.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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