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How the Jobs Report Could 'Set the Tone' for the Next Couple of Weeks

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Stocks rose in intraday trading Wednesday after Wall Street kicked off September with strong gains and the S&P 500 and Nasdaq closed at records.

Equities traded higher even after private companies in the U.S. added fewer jobs in August than expected. The private sector jobs report from ADP is a precursor to the official U.S. jobs report for August that will be released on Friday.

Private payrolls grew by 428,000 last month, according to ADP, well below the 975,000 expected from economists surveyed by FactSet, though still better than July's tepid 167,000 positions created.

The numbers continue to illustrate how businesses are struggling to reopen and re-hire amid the now six-month-long pandemic that has thrown a wrench in the U.S. economy and also has forced businesses to re-assess if and how they can operate, noted TheStreet's Corey Goldman. 

The S&P 500 and the Nasdaq started September by closing at record highs Tuesday as the tech sector continued its strong rally and economic data on U.S. manufacturing and construction came in better than expected.

You can follow Katherine Ross on Twitter at @byKatherineRoss.

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