Blue-Chip Index Pops as Interest Rate Cut Anticipation Grows

Wall Street enjoyed sizable gains after a weaker-than-expected ADP private payrolls report, which reignited hopes for another rate cut during the Federal Reserve's meeting next week. The Dow added 408 points, securing its highest close in three weeks, while both the S&P 500 and Nasdaq secured comfortable wins of their own. Adding to today's optimism was data out of the Institute for Supply Management (ISM), with the services purchasing managers' index (PMI) reading for October arriving at a better-than-expected 52.6%.

Continue reading for more on today's market, including:

• Best retail stock to own this December. 
• Macy's stock higher after mixed earnings.
• Plus, MRVL enjoys post-earnings pop; biotech stock breaking out; and how market momentum shapes performance.

Gold, Oil Enjoy Session Gains 

Russia's failure to reach a peace settlement with Ukraine in today's talks pushed crude prices higher for the session. January-dated West Texas Intermediate (WTI) crude rose 85 cents, or 1.5%, to close at $59.49 per barrel.

Lackluster ADP private payrolls data and anticipation around next week's Fed meeting sent gold futures higher. February-dated gold added 0.5% to settle at $4,241.20 per ounce.