NEW YORK - WALL Street posted solid gains on Wednesday as a better-than-expected survey on US private-sector job losses helped ease jitters over upcoming results of 'stress tests' on the banking system.

At the closing bell, the Dow Jones Industrial Average traded up 102.99 points (1.22 per cent) to 8,513.64, in a choppy session.

The Nasdaq composite edged up 4.98 points (0.28 per cent) to 1,759.10 and the broad-market Standard & Poor's 500 index climbed 15.95 points (1.73 per cent) to a preliminary close of 919.45.

The market got a lift from a survey by private payrolls firm ADP that the US private sector shed 491,000 jobs in April, fewer than expected by analysts and offering further support for the notion that the recession is easing.

'This news is encouraging for the market since it fits the bottoming-out thesis,' said Patrick O'Hare at Briefing.com.

'However, it isn't much cause for economic celebration that 'only' 491,000 positions were lost in the private sector in April.' This helped ease pre-market jitters amid reports that Bank of America may need to raise as much as US$34 billion in capital to meet the requirements of the US government stress tests.

Gregory Drahuschak at Janney Montgomery Scott said the banking sector led the rally, calling the gains due to 'a sigh of relief that the test results finally might be out of the way.' -- AFP