At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.82% at a record-high 15,746.88, the S&P 500 index rose 0.43%, while the Nasdaq Composite index fell 0.20%.
Stocks rose despite an relative lack of market-moving news on Wednesday, mainly due to expectations that Friday's October jobs report will reveal modest improvements taking place in the labor market though not enough to convince the Fed to begin tapering stimulus programs.
Extraordinary accommodative policy tools such as the Fed's USD85 billion in monthly bond purchases drive down borrowing costs to spur recovery, boosting stock prices in the process.
The Federal Reserve has said it will pay close attention to economic indicators before deciding when to taper the pace of its monthly asset purchases, and in recent weeks, economic indicators have painted a picture of a U.S. economy moving along the road to recovery though still in need of a monetary crutch from the Fed.
Analysts are predicting the Labor Department to reveal the U.S. economy added a modest 125,000 nonfarm payrolls in October.
Leading Dow Jones Industrial Average performers included Microsoft, up 4.13%, UnitedHealth, up 2.28%, and Chevron, up 2.24%.
The Dow Jones Industrial Average's worst performers included Pfizer, down 0.91%, Nike, down 0.56%, and Boeing, down 0.35%.
European indices, meanwhile, finished largely higher.
After the close of European trade, the EURO STOXX 50 rose 0.61%, France's CAC 40 rose 0.79%, while Germany's DAX 30 rose 0.35%. Meanwhile, in the U.K. the FTSE 100 finished down 0.08%.
On Thursday, the U.S. is to publish a preliminary estimate of third-quarter gross domestic product. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims.
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