US STOCKS-Wall Street ends higher as investors await US inflation, jobs data

Horizon Therapeutics

28/08/2023 21:00

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      China ADRs rise on measures to boost markets
    

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      3M rises on report of potential settlement of lawsuits
    

  
 (Updated at 4:00 p.m. ET/ 2000 GMT)
    By Shristi  Achar A and Noel Randewich
       Aug 28 (Reuters) - Wall Street ended higher on Monday,
with gains in 3M and Goldman Sachs ahead of key inflation and
jobs data this week that will offer more clues on the Federal
Reserve's interest rate path.
    All three major stock indexes rose as investors digested
last Friday's comments from Fed Chair Jerome Powell that the
U.S. central bank may need to raise interest rates further to
ensure inflation is contained.
    Focus now shifts to a report on the personal consumption
expenditures price index, the Fed's preferred inflation gauge,
to be released on Thursday, and non-farm payrolls data due on
Friday.
    "The fact that Powell didn't come out and say anything
particularly hawkish or particularly unnerving to markets - that
has proven to make this a bit of a risk-on day, even if he
wasn't outright dovish either," said Ross Mayfield, Investment
Strategy Analyst at Baird.
    Megacap stocks rose, with gains in Nvidia  NVDA.O  and Meta
Platforms  META.O . 
    3M  MMM.N  jumped after a report that the conglomerate has
tentatively agreed to pay more than $5.5 billion to resolve over
300,000 lawsuits claiming it sold the U.S. military defective
combat earplugs.
    Goldman Sachs  GS.N  gained after the lender struck a deal
to sell an investment advisory business to wealth management
firm Creative Planning LLC.
    According to preliminary data, the S&P 500
 .SPX  gained 27.49 points, or 0.62%, to end at 4,433.20 points,
while the Nasdaq Composite  .IXIC  gained 114.49 points, or
0.84%, to 13,705.13. The Dow Jones Industrial Average
 .DJI  rose 212.29 points, or 0.62%, to 34,559.19.
    U.S.-listed shares of Chinese companies including JD.com
 JD.O , Baidu  BIDU.O  and Alibaba  BABA.N  rose after China
halved the stamp duty on stock trading effective Monday to boost
its ailing market.
    U.S. Commerce Secretary Gina Raimondo discussed concerns
about restrictions on American businesses including Intel
 INTC.O  and Micron  MU.O  with Chinese Commerce Minister Wang
Wentao. Micron's and Intel's shares gained for much of the
session.
    The U.S. Federal Trade Commission suspended its challenge of
Amgen's  AMGN.O  $27.8 billion purchase of Horizon Therapeutics
 HZNP.O . Horizon's shares rose.

 (Reporting by Shristi Achar A and Amruta Khandekar in
Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by
Shounak Dasgupta and David Gregorio)
 ((noel.randewich@tr.com))