Apple shares hit 2016 high, bolstering Dow

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 $115.57US onNasdaq 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 initialbatch 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 177.7points to finish at 18,212.48.

Meanwhile, theS&P 500 added 21.49 points, ending at2,147.26, 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 onspending 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 by137.21 points to14,503.67.

The October futures contract for light sweet crude oil gained 33cents to hit$43.91US 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 a4-million-barrel rise in oil inventories.

The Canadian dollar added 0.22of a cent to reach 75.99cents US.