By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks gained Wednesday after two
days of steep declines, after data showed companies adding more
jobs than expected in October and as Wall Street looked to a
statement on the economy from the Federal Reserve.
"We may get a slightly more upbeat assessment of the economy in
the policy statement," Fred Dickson, chief investment strategist at
Davidson Companies, wrote in an emailed note.
The Dow Jones Industrial Average (DJI) added 199.12 points, or
1.7%, to 11,856.47, with all 30 of its components in the green.
The blue-chip benchmark lost 573 points -- nearly 4.7% -- in the
prior two sessions.
The S&P 500 Index (SPX) rose 20.45 points to 1,238.73, with
energy leading gains that included all 10 of its major industry
groups.
The Nasdaq Composite (RIXF) added 30.66 points to 2,637.62.
For every stock that fell seven rose on the New York Stock
Exchange, where 186 million shares traded as of 10:50 a.m.
Eastern.
MasterCard Inc. (MA) gained 7.7% after the payments processor
reported quarterly results that exceeded Wall Street's
expectations.
Automatic Data Processing (ADP) reported U.S. companies added
110,000 workers in October, with the bulk of the increase in
private payrolls coming in the service sector. ADP also revised
higher its count for September.
The Fed wraps up a two-day monetary policy meeting in the
afternoon by releasing a new outlook on the U.S. economy, with Fed
Chairman Ben Bernanke also holding a news conference.
Bernanke "may offer color on the Fed's timetable for maintaining
its current policy of ultra-low interest rates," said Dickson at
Davidson Companies.
Most analysts do not expect the central bank to make any changes
to its current policy.
European leaders planned emergency talks with Greek Prime
Minister George Papandreou in France, a day before the Group of 20
summit.
Papandreou rattled global markets by calling for a national vote
on Europe's bailout package for the country.