The U.S. stock market rose near record levels.

The S&P 500 climbed 0.3% Wednesday and pulled within 0.6% of its all-time high set in late October. The Dow Jones Industrial Average rose 0.9%, and the Nasdaq composite gained 0.2%.

Stocks broadly got a lift from easing Treasury yields in the bond market. They fell after a report suggested U.S. employers outside of the government may have cut more jobs in November than they added.

While the surprisingly weak report from ADP may be discouraging for people looking for jobs, it also bolstered expectations that the Federal Reserve will cut its main interest rate next week. If the Fed does, that would be the third such cut this year in hopes of helping the slowing job market.

Investors love lower interest rates because they boost prices for investments and can charge up the economy.

A separate report Wednesday on activity for U.S. services business was more encouraging. It said growth was stronger last month than expected for businesses in the retail, finance, insurance and other industries.

The report from the Institute for Supply Management's survey also said that prices were increasing at their slowest rate since April. That's important because the main argument against the Fed's cutting interest rates is that it could push inflation higher.

The yield on the 10-year Treasury fell to 4.05% from 4.09% late Tuesday.

Lower interest rates can boost prices for all kinds of investments, and bitcoin climbed again to top $93,000 following its scary downward run in recent weeks. It briefly plunged below $81,000 last month.