12:49 PM EDT, 04/03/2024 (MT Newswires) -- US benchmark stock indexes rose Wednesday afternoon as a closely monitored services gauge unexpectedly ticked down and as Federal Reserve Chair Jerome Powell reiterated the central bank's dependence on data in any potential policy easing.

The S&P 500 rose 0.3% to 5,218.3, with the Nasdaq Composite up 0.3% to 16,290.4, and the Dow Jones Industrial Average 0.1% lower at 39,206.5. All sectors, except consumer staples, real estate, and utilities, rose intraday. Energy and industrials led the gainers.

In economic news, the Institute for Supply Management's US services index fell to 51.4 in March from 52.6 in February, versus expectations for an increase to 52.8 in a survey compiled by Bloomberg.

Automatic Data Processing said employment in the US private sector grew last month at the quickest pace since July. Private employment advanced 184,000 in March, above the 150,000 increase expected in a survey compiled by Bloomberg. February's job gains were revised higher to 155,000 from 140,000.

The US 10-year yield advanced 1.8 basis points to 4.38%, while the two-year rate slipped by less than one basis point to 4.7%.

Speaking at forum on Wednesday, Powell said the Federal Open Market Committee is making policy decisions "meeting by meeting." "Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy," Powell said.

Gold futures traded at COMEX for June delivery jumped 1.1% to $2,306.8 per ounce after scaling a new record high of $2,309.20. Silver was up 3.5% to $26.84 per ounce.

In company news, Ulta Beauty ( ULTA ) shares dropped 14% intraday, the worst performer on the S&P 500, after the company said it expects Q1 comparable sales to be at the lower end of previous H1 guidance.

Intel ( INTC ) officials said the company's chip foundry business suffered a 2023 operating loss of $7 billion on sales of $18.9 billion, widening from a loss of $5.2 billion on $27.5 billion in sales a year earlier, news outlets reported. Shares were the worst performing on the Nasdaq and the Dow.

West Texas Intermediate crude oil climbed 0.7% to $85.77 a barrel.