Reinforcing Dow, Apple shares hit 2016 high

A 3% ascend in the shares cost of Apple shares sent North American stock indexes higher last week.
The company launched its new iPhone 7 line and is now available in stores. Apple shares closed up at $115.57 US on Nasdaq to hit another high for 2016. The stock is up around 12% 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 part of the Dow Jones Industrial Average, which increased 177.7 points to complete at 18,212.48. In the interim, the S&P 500 included 21.49 points, finishing 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 customers cut back on spending in August, as retail deals fell 0.3%. Market watchers took that to hint that the Federal Reserve may hold off on raising interest rates not long from now.

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 picked up 33 cents to hit $43.91 US per barrel. Oil ascended after the arrival of U.S data showed that crude stockpiles dropped by 559,000 barrels a week ago. Analysts surveyed by Bloomberg had been forecasting a 4-million-barrel rise in oil inventories. The Canadian dollar added 0.22 cents to achieve 75.99 cents US.