The major averages rose once again as the latest weak jobs data from ADP strengthened investors’ conviction that the Federal Reserve will cut interest rates next week. The Dow Jones Industrial Average gained 408 points, or 0.86%, to finish at 47,882. The S&P 500 rose 20 points or 0.30% to end the day at 6,849, while the Nasdaq Composite rose 40 points to 23,454.

Payrolls processor ADP reported that private payrolls surprisingly declined by 32,000 in November. Economists polled by Dow Jones had expected an increase of 40,000 for the month. Markets are pricing in an 89% chance of a cut next Wednesday, which is much higher than the odds from mid-November, according to the CME FedWatch tool.

Interest rates were lower on this news. The 10-year Treasury yield fell 2 basis points to 4.05%, while the 30-year Treasury yield fell less than 2 basis points to 4.77%. The 2-year Treasury yield, the security most sensitive to moves in short-term policy, fell 3 basis points to 3.48%. The financial sector, consumer defensive and consumer durables performed well today. Tech was relatively quiet.

In the commodity space, oil, gold and crypto currencies were all higher.

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