- China ADRs rise on measures to boost markets
- 3M rises on report of potential settlement of lawsuits
- Indexes: S&P 500 +0.26%, Nasdaq +0.42%, Dow +0.35%
Aug 28 (Reuters) - Wall Street rose 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.
3M (MMM.N) jumped 5% 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.
The S&P 500 was up 0.26% at 4,417.33 points.
The Nasdaq gained 0.42% to 13,648.23 points, while Dow Jones Industrial Average rose 0.35% to 34,468.19 points.
China halved the stamp duty on stock trading effective Monday to boost its ailing market, sending U.S.-listed shares of Chinese companies, including JD.com , Baidu and Alibaba <BABA.N> up between 1.4% and 2.7%.
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 shares gained 2% while and Intel's rose 0.5%.
Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 2.3-to-one ratio.
The S&P 500 posted 8 new highs and 1 new low; the Nasdaq recorded 49 new highs and 133 new lows.
Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and David Gregorio
Our Standards: The Thomson Reuters Trust Principles.
Shristi is a correspondent, part of the markets team reporting on the stock markets across U.S., UK, Canada, Europe and Emerging markets.