Wall Street rallied today after new data showed the American economy is in good shape and that another interest rate cut is still a possibility. The Dow Jones industrial average rose more than 150 points.

Stocks turned around following two sessions of losses after a report showed hiring in the American private sector expanded at a faster pace in November. ADP Employer Services said 189,000 jobs were added during the month — an increase that bodes well for consumer spending.

The report raised hopes for a strong November jobs report from the Labor Department on Friday. Investors were also encouraged today after the department reported worker productivity advanced by an annual rate of 6.3% in the summer, the fastest pace in four years, while wage pressures eased.

“The best news for the market is good news on the economy,” a chief investment officer at Harris Private Bank, Jack Ablin, said. “There might be a general malaise among homeowners these days, but as long as more people are getting paychecks then the economy can withstand the stress.”

This week’s economic reports are being closely watched by the Federal Reserve, which meets next Tuesday to discuss interest rates. Investors also weighed reports on manufacturing and factory orders.

It is widely expected central bankers will lower rates to help pump up the economy and head off a recession. However, some investors are betting the Fed will go beyond the generally anticipated quarter percentage point cut, and lower rates by a half point.

In early afternoon trading, the Dow Jones industrial average rose 162.90, or 1.23%, to 13,411.63.

Broader indexes also moved higher. The Standard & Poor’s 500 index added 17.58, or 1.20%, to 1,480.37, while the Nasdaq composite index rose 42.73, or 1.63%, to 2,662.56.

Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.91% from 3.88% late yesterday. The dollar was mixed against other major currencies, while gold prices fell.