Wall Street rebounds as yields slip, focus on Fed path; Nasdaq up 1%

Data signaling strength in the US economy has prompted traders to bet on a 75-basis-point interest rate hike by the Fed later this month

U.S. stock indexes climbed on Wednesday following a recent selloff as bond yields eased, while investor focus was squarely on the Federal Reserve's monetary policy tightening plans.
 

The technology-heavy Nasdaq led gains among the main indexes, looking to snap a seven-session losing streak. Apple Inc edged up 0.2 per cent ahead of the release of its new range of iPhone models and Apple Watches.

U.S. stocks have sold off sharply since mid-August after hawkish comments from Fed Chair Jerome Powell were compounded by signs of an economic slowdown in Europe and China and aggressive steps by major central banks to tame inflation.