Wall Street Completes Growth Before Key Data – 08/28/2023 at 22:41

Wall Street sign in front of the New York Stock Exchange

Shristi Achar A. and Noel Randevich

(Reuters) – The New York Stock Exchange ended Monday higher, thanks in part to gains from 3M and Goldman Sachs earlier in a week that will be marked by key inflation and employment data. US Federal Reserve System (FRS).

The Dow Jones index added 0.62% to 34,559.98 points.

The broader S&P-500 added 0.63% to 4433.31.

The Nasdaq Composite index, in turn, added 0.84% ​​to 13,705.13 points.

During Friday’s meeting in Jackson Hole, Wyoming, Fed Chairman Jerome Powell said the US central bank may have to raise interest rates even further to keep inflation under control.

The data, scrutinized by the Federal Reserve to estimate inflation, the personal consumer spending price index is expected on Thursday, ahead of the data on the number of non-farm payrolls.

Eight of the eleven major sectors of the S&P-500 rose, led by real estate and telecom services.

Shares of a number of high-growth companies such as Nvidia rose 1.78%, while Apple and Alphabet rose 0.9%. Shares of 3M jumped 5.2% after it agreed to pay more than $5.5 billion to settle about 300,000 lawsuits alleging that the conglomerate supplied the US military with faulty combat earplugs. Shares of Goldman Sachs rose 1.8% on a deal with asset management firm Creative Planning LLC to sell its investment advisory division. Shares of several Chinese companies listed on Wall Street, including JD.com, Baidu and Alibaba, rose more than 2% after Beijing halved the stamp duty on Chinese stock trading to revive its stock market.

As US Commerce Secretary Gina Raimondo discussed concerns about restrictions on US tech companies including Intel and Micron during a visit to China, shares in the two semiconductor makers rose.

(French version by Jean Terzian)

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