Wall Street surges on lower rate-hike fears, Apple ascends

Wall Street rallied 1 percent on Thursday, buoyed by Apple's best four-day run since 2014, higher oil prices and ho-hum economic data that further dimmed expectations for an interest rate hike next week. Apple rose as much as 3.4 percent, giving the three major indexes their biggest boost, on news the first quantities of its iPhone 7 Plus were sold out globally. 

 

Data showed retail sales and industrial activity fell more than expected in August. Other reports, showing a slowdown in job growth and a slump in manufacturing activity for the month, further eased expectations that the Federal Reserve will raise rates at its meeting next week. "These things are not pointing to the need for the Fed to raise interest rates in September. That's one of the reasons you're seeing a relief rally today," said Jamie Cox, managing partner at Harris Financial Group in Richmond, Virginia. 

 

It was the fifth straight volatile session as investors focused on comments from policymakers and economic indicators in search of clues about the timing of interest rate hikes.

 

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