U.S. equity markets erased losses Wednesday and the S&P 500 set a new record despite private employers adding fewer than expected jobs in November.

The broadest measure of the market rose 0.18% with energy and financials driving the gains.

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OPEC OPTIMISM ON CUTS DRIVES OIL

West Texas Intermediate crude oil reclaimed the $45 per barrel level ahead of Thursday's output decision by OPEC members and their allies. The group is weighing a three-month extension of production cuts that were agreed to earlier this year.

The Dow Jones Industrial Average rose 60 points, or 0.2%, erasing a deficit of more than 200 points, while the Nasdaq Composite was little changed.

ADP JOBS DATA SIGNALS SLOW HIRING 

The ADP payroll report showed U.S. private employers added 307,000 jobs in November, missing the 410,000 jobs that analysts surveyed by Refinitiv were expecting. Job gains from the prior month were revised up to 404,000 from 365,000.

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