US stocks snapped a losing streak on September 2 as all three major indexes closed in the green, buoyed by a pullback in Treasury yields that had been pressing against multi-year highs. The Dow Jones Industrial Average finished at 53,061.95, up 295.07 points, or 0.56%. The S&P 500 added 35.13 points to close at 7,666.60, a gain of 0.46%. The Nasdaq Composite rose 118.05 points to 26,217.83, also up 0.45%.
The 10-year Treasury yield hit 4.818% earlier in the session, its highest level since November 2023, before retreating to roughly 4.78% by the close.
A jobs miss that markets actually liked
The bond market’s reversal traced back to a surprisingly weak labor print. ADP’s private payrolls report showed just 38,000 jobs added in August, well below the expected range of 46,000 to 53,000.
Comments from Federal Reserve officials also helped steady things. New York Fed President John Williams clarified that the rise in yields was mostly a reflection of a robust economy rather than a result of tightening financial conditions. Markets are currently pricing in a 60% to 67% probability of a Fed rate hike in September.
