All three major U.S. stock indexes closed higher on September 2, with the Dow Jones gaining 295.07 points to 53,061.95, the S&P 500 rising 35.13 points to 7,666.60, and the Nasdaq adding 118.05 points to 26,217.83. The 10-year Treasury yield hit 4.818%, its highest level since November 2023, before retreating to roughly 4.78% by the close. August ADP private payrolls showed only 38,000 jobs added, well below the expected range of 46,000 to 53,000. The Federal Reserve is currently pricing in a 60% to 67% probability of a rate hike in September, making Fed communications critical heading into the meeting.
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