01:13 PM EST, 12/18/2024 (MT Newswires) -- US equity indexes rose, with the Dow Jones Industrial Average seeking to break its longest losing streak in more than four decades as investors expect the Federal Reserve will shed more light on the state of its policy easing program.

The S&P 500 climbed 0.2% to 6,060.1, with the Nasdaq up 0.1% to 20,137.2 and the Dow Jones Industrial Average 0.4% higher at 43,628.6. The ninth consecutive close lower for the Dow on Tuesday was, reportedly, its longest string of losses since 1978. Technology and healthcare were among the gainers intraday, while real estate led the decliners.

In economic news, November housing starts fell to a 1.289 million annual rate, below expectations in a poll compiled by Bloomberg for a 1.34 million rate after a decrease to 1.312 million in October. Building permits rose by 6.1% to a 1.505 million rate in November, above the 1.43 million rate expected and following a decrease to 1.419 million in October.

The US Q3 current account deficit widened to $310.95 billion from $275.03 billion in the previous quarter, compared with expectations of a $287.1 billion deficit from a survey compiled by Bloomberg.

Nevertheless, the US Dollar index climbed 0.2% to 107.15 intraday, approaching its highest level since October 2022.

The Federal Open Market Committee will release its post-meeting statement at 2:00 E.T., and Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. E.T. The FedWatch tool from the CME Group currently shows a 99% chance of a 25-basis rate reduction to a target range of 4.25% to 4.50%. However, for the whole of next year, the highest current probability is that the Fed will cut rates twice amid relatively strong recent macroeconomic data, implying the market is pricing a pause in easing that began with a 50 basis-point cut in September.

"While a rate cut is expected [for December], the market's focus is on the Fed's economic outlook and any hints about a more cautious approach to monetary policy in 2025," a D.A. Davidson research note said.

On Tuesday, US retail sales in November surged the most since the same month in 2021, beating market expectations. Following the retail sales data, Morgan Stanley revised its Q4 inflation-adjusted consumption growth forecast to 2.6% quarter-over-quarter, an increase of 10 basis points, saying the sales data reflected a "solid start to holiday spending." Last week, the headline and core consumer price index rose in November, matching expectations. For the producer price index, the data came in hotter than forecast, abetting concern the Fed will pause its easing cycle after its widely anticipated 25 basis-point cut in December.

US Treasury yields were mixed intraday, with the 10-year steady at 4.39% while the two-year at 4.22% declined 1.7 basis points.

Microsoft ( MSFT ) purchased about 485,000 of Nvidia's ( NVDA ) Hopper artificial intelligence chips this year, exceeding Meta's (META) 224,000 chips, Amazon's ( AMZN ) 196,000, and 169,000 by Alphabet's (GOOG) Google ( GOOG ), Financial Times reported Wednesday, citing estimates from technology consultancy Omdia. Shares of Nvidia ( NVDA ) jumped 3.7% intraday, among the top gainers on the S&P 500, the Nasdaq, and the Dow.

In company news, Jabil ( JBL ) shares jumped past 9.7% intraday, the most on the S&P 500, after the company raised its fiscal 2025 outlook for core earnings and net revenue.

West Texas Intermediate crude oil futures rose 1.1% to $70.87 a barrel.

Gold fell 0.3% to $2,654.1 an ounce, and silver declined 0.6% to $30.73 per ounce.