Apple shares hit 2016 high, bolstering Dow
Company's shares top $115, year-to-date high, before in-store launch of new iPhone 7
A three-per-cent rise in the share price of Apple shares helped send North American stock indexes higher on Thursday.
On Friday, the company will launch of its new iPhone 7 line in stores. Apple shares closed up $3.80 US at $115.57 US on Nasdaq to hit a new high for 2016. The stock is up about 12 per cent on the week.
Apple`s rise came after the company said the initial batch of iPhone 7 Plus models have sold out.
"During the online pre-order period, initial quantities of iPhone 7 Plus in all finishes and iPhone 7 in jet back sold out and will not be available for walk-in customers," Apple said in a statement issued Wednesday.
Apple is a component of the Dow Jones Industrial Average, which gained 177.7 points to finish at 18,212.48.
Meanwhile, the S&P 500 added 21.49 points, ending at 2,147.26, while the Nasdaq composite climbed 75.92 points at 5,249.69.
In economic news, the U.S. Commerce Department reported that shoppers cut back on spending in August, as retail sales fell 0.3 per cent. Market watchers took that to suggest the Federal Reserve may hold off on raising interest rates later this month.
Oil, loonie higher
In Canada, the S&P/TSX composite index rose by 137.21 points to 14,503.67.
The October futures contract for light sweet crude oil gained 33 cents to hit $43.91 US per barrel. Oil rose after the release of U.S. data showed that crude stockpiles dropped by 559,000 barrels last week. Analysts surveyed by Bloomberg had been forecasting a 4-million-barrel rise in oil inventories.
The Canadian dollar added 0.22 of a cent to reach 75.99 cents US.
with files from The Associated Press