The Mexican stock market saw strong gains on Wednesday, buoyed by weak economic figures from the United States and the release of the Fed minutes.

The benchmark index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which includes the most traded local stocks, rose by 1.63% to 52,796.26 points. Meanwhile, the FTSE BIVA index from the Institutional Stock Exchange (Biva) moved up by 1.67% to 1,082.31 points.

Within the benchmark index, most stocks closed with gains. Shares of the corn food processor Gruma stood out with a 5.46% increase to 342.36 pesos, followed by Grupo México, which gained 5.36% to 106.59 pesos.

The weekly initial jobless claims in the U.S. exceeded market expectations at 238,000 claims, compared to analysts’ forecast of 235,000. The previous week’s figure was revised upward from 233,000 to 234,000.

Additionally, ADP private payrolls fell short of analysts’ consensus at 150,000 jobs added, compared to an expected 160,000. The previous month’s figure was revised from 152,000 to 157,000.

Investors are interpreting these data points as potential signals for the Fed to cut interest rates soon. Tomorrow, cautious trading is expected due to a holiday on Wall Street, ahead of a new U.S. employment report scheduled for Friday.