US STOCKS-Wall St jumps on data ahead of Fed; healthcare up

* FOMC statement on rates and economy on tap

* Services sector up for second month in a row

* U.S. private sector sheds jobs at slowest pace in yr

* For up-to-the-minute market news, click [STXNEWS/US] (Updates to late morning, changes byline)

By Angela Moon

NEW YORK, Nov 4 (Reuters) - Wall Street jumped on Wednesday, with the Dow and S&P 500 up more than 1 percent, on positive data about the services sector and employment as investors awaited the Fed's assessment of the economic recovery.

Gains were broad-based, with the healthcare sector jumping on hopes the Obama administration's healthcare reforms may be slowed after Republican scored key election wins.

The services sector grew in October for a second straight month, while U.S. companies cut jobs last month at the slowest pace in more than a year. For details, see [ID:nN04545735]

"Specifically, new orders in the ISM services index rose to the highest since October 2007, giving optimism to the market that is looking ahead," said Chad Morganlander, portfolio manager at Stifel, Nicolaus & Co in New Jersey.