GLOBAL MARKETS-U.S. assets gain, European shares dip on rising Fed rate hike bets

* U.S (Other OTC: UBGXF - news) . stocks gain, led higher by financials

* Fed hike bets for Sept rise after Yellen, Fischer comments

* European shares slip

* Dollar rallies, weighs on oil and gold (Updates to open of U.S. trading; changes byline, dateline, pvs LONDON)

By Sam Forgione

NEW YORK, Aug 29 (Reuters) - U.S. stocks rose on Monday, helped by gains in financial shares after comments from top Federal Reserve officials on Friday bolstered expectations for an interest rate hike from the U.S. central bank this year, while European shares dipped and the dollar rose.

Fed Chair Janet Yellen said the case for a rate increase was strengthening, but provided little detail on when the central bank would next move. Vice Chair Stanley Fischer, on the same day, suggested on CNBC that a move as soon as next month could be possible.

The S&P 500 financial index was last up 1.2 percent, with Wells Fargo (Hanover: NWT.HA - news) gaining 2 percent and JPMorgan rising more than 1 percent. Financial stocks stand to gain the most in a higher interest rate environment.

A report from the U.S. Commerce Department showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose for the fourth straight month in July. That reinforced bets on a nearing Fed rate increase, even as other data showed U.S. inflation remained subdued.

European shares responded unfavorably to the rising expectations for a 2016 Fed rate hike, with the pan-European STOXX 600 index last down 0.2 percent. The dollar extended Friday's gains and reached a roughly three-week high against the yen of 102.39 yen.

"It is looking more likely that we will see a rate hike this year, and September is a good possibility," said Richard Sichel, chief investment officer of Philadelphia Trust Co in Philadelphia. "A pickup in consumer spending, on durables especially this time around, gives the Fed another little push."

The chances of a rate hike in September jumped to 30 percent from 21 percent, according to CME Group (Kuala Lumpur: 7018.KL - news) 's FedWatch tool.

MSCI (Frankfurt: 3HM.F - news) 's all-country world equity index was last down 0.5 points, or 0.12 percent, at 417.92.

The Dow Jones industrial average was last up 103.58 points, or 0.56 percent, at 18,498.98. The S&P 500 was up 10.4 points, or 0.48 percent, at 2,179.44. The Nasdaq Composite was up 11.42 points, or 0.22 percent, at 5,230.34.

Europe's broad FTSEurofirst 300 index was last down 0.19 percent, at 1,350.13.

U.S. Treasury yields maturing between 2-10 years dipped on foreign demand after touching their highest levels since June on Friday. U.S. 30-year Treasury bond yields also fell, with their prices rising more than a full point. Benchmark 10-year yields were last at 1.594 percent, compared to 1.633 percent late Friday.

Oil prices fell, with benchmark Brent crude falling below $49 a barrel, pressured by high output from Middle East OPEC members and as a stronger U.S. dollar weighed on commodities.

"A much stronger U.S. dollar is causing selling pressure today," said Carsten Fritsch of Commerzbank (Xetra: CBK100 - news) .

Brent crude was last down 74 cents, or 1.48 percent, at $49.18 a barrel. U.S. crude was down 80 cents, or 1.68 percent, at $46.84 per barrel.

Safe-haven spot gold slid to a near five-week low of $1,314.70 on the dollar's gains. (Additional reporting by Anirban Nag and Alex Lawler in London and Dion Rabouin and Karen Brettell New York; Editing by Nick Zieminski)