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

Horizon Therapeutics

28/08/2023 21:22

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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
    

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      Indexes close: S&P 500 +0.63%, Nasdaq +0.84%, Dow +0.62%
    

  
 (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.
        Nvidia  NVDA.O  rose 1.78% and was the most traded stock
in the S&P 500, with $31 billion worth of the chipmaker's shares
exchanged.
  
        Other megacaps also gained, with Apple  AAPL.O  and
Alphabet  GOOGL.O  both adding 0.9%.
  
    3M  MMM.N  jumped 5.2% 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 1.8% after the lender struck a
deal to sell an investment advisory business to wealth
management firm Creative Planning LLC.
        The S&P 500 climbed 0.63% to end the session at 4,433.31
points.
  
        The Nasdaq gained 0.84% to 13,705.13 points, while Dow
Jones Industrial Average rose 0.62% to 34,559.98 points.
  
    U.S.-listed shares of Chinese companies including JD.com
 JD.O , Baidu  BIDU.O  and Alibaba  BABA.N  rallied over 2%
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 stock rose 2.5% and Intel added 1.1%.
    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 5.2%.
        Advancing issues outnumbered falling ones within the S&P
500  .AD.SPX  by a 5.5-to-one ratio.
  
        The S&P 500 posted 10 new highs and 2 new lows; the
Nasdaq recorded 54 new highs and 162 new lows.
  
        Volume on U.S. exchanges was relatively light, with 8.1
billion shares traded, compared to an average of 10.8 billion
shares over the previous 20 sessions.
  

 (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))