Updates to late afternoon

By Caroline Valetkevitch

NEW YORK, Nov 5 (Reuters) - Stock indexes gained on Wednesday as technology-related shares rebounded and as U.S. private payrolls data was stronger than expected, while Treasury yields gained.

U.S. private payrolls rose by 42,000 jobs in October, exceeding expectations of a 28,000 gain, according to a Reuters poll of economists. However, some industries such as professional business services shed jobs for a third straight month.

The private payrolls data is being closely examined given the U.S. government shutdown and ongoing worries about weakness in the labor market. U.S. President Donald Trump again called for Republican senators to terminate the filibuster rule in a bid to end what is now the longest government shutdown in history.

The Nasdaq was more than 1% higher in late-afternoon trading. An index of semiconductors .SOX was up 3.9% after falling sharply on Tuesday. Shares of Advanced Micro Devices AMD.O were up 3.2% after the company late Tuesday gave an upbeat revenue forecast.

"Today is a bit of a relief rally you might say," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"The ADP numbers... suggested that maybe if these numbers align with the official numbers - when they finally do come out - and that perhaps the fear over the jobs market may have been somewhat overstated," he said.

Adding to optimism is the possibility of the U.S. federal government shutdown ending, he said.

The Dow Jones Industrial Average .DJI rose 291.82 points, or 0.62%, to 47,377.06, the S&P 500 .SPX rose 52.37 points, or 0.77%, to 6,823.92 and the Nasdaq Composite .IXIC rose 267.47 points, or 1.15%, to 23,616.11.

MSCI's gauge of stocks across the globe .MIWD00000PUS rose 4.10 points, or 0.41%, to 1,000.92.
The pan-European STOXX 600 .STOXX index rose 0.23%.

Asia stocks were hit hard overnight, pushing Japan's Nikkei down nearly 7% from Tuesday's record highs at one point, while shares in South Korea plunged as much as 6.2% before clawing back some losses to be down 2.9%.

Enthusiasm for generative artificial intelligence has swept across stock markets worldwide this year, drawing comparisons to the dotcom bubble.

The dollar was little changed. The currency has firmed against the euro since last week when the Federal Reserve cut interest rates by 25 basis points and Fed Chair Jerome Powell said a December cut was not a foregone conclusion.

The euro EUR= was last up 0.02% at $1.1484. Against the Japanese yen JPY=, the dollar strengthened 0.27% to 154.08.

Leading cryptocurrency bitcoin BTC= gained 4.01% to $104,322.93 after bouncing back from earlier losses. It slid 6.1% on Tuesday to below $99,000 for the first time since June 22.

U.S. Treasury yields were higher after the data surprises showed continued economic resilience.

The yield on benchmark U.S. 10-year notes US10YT=RR rose 7 basis points to 4.161%, from 4.091% late on Tuesday.

Spot gold XAU= rose 1.4% to $3,986.99 an ounce.

Oil prices fell as worries about global oversupply overshadowed data showing signs of strong U.S. demand for fuel. U.S. crude CLc1 fell 96 cents to settle at $59.60 a barrel and Brent LCOc1 fell 92 cents to $63.52.

(Additional reporting by Amanda Cooper in London and Gregor Stuart Hunter in Singapore; Editing by Peter Graff, Hugh Lawson and Deepa Babington)

((caroline.valetkevitch@thomsonreuters.com))