US STOCKS-Wall St bounces back on ECB move bets, jobs data
* Minutes from latest FOMC meeting due at 1900 GMT
* J.C. Penney climbs after sales results
* December private payrolls higher than expected
* Indexes up: Dow 0.9 pct, S&P 0.9 pct, Nasdaq 0.9 pct (Updates to afternoon, changes byline)
By Caroline Valetkevitch
NEW YORK, Jan 7 (Reuters) - U.S. stocks rebounded on Wednesday from five straight sessions of losses after strong U.S. private sector jobs data and as deflation concerns in the euro zone were seen pushing the bloc's central bank into action.
Investors were waiting for minutes from the most recent meeting of the U.S. Federal Reserve policy-setting committee, due at 2:00 p.m. (1900 GMT). Traders will scan them for clues on the timing of an interest rate hike. The Fed said it would take a "patient" approach to deciding when to lift borrowing costs.
The day's gains follow five sessions of losses for the S&P 500 in its longest losing streak in 13 months.
Homebuilders were among the day's biggest gainers, with an index of housing shares up 2.8 percent, after a Bloomberg report that U.S. President Barack Obama was set to announce a reduction of Federal Housing Administration mortgage insurance premiums. Continuación...