By Noel Randewich
(Reuters) - Wall Street rallied on Thursday, buoyed by Apple's best four-day run since 2014, higher oil prices and lacklustre economic data that further dimmed expectations for an interest rate hike next week.
Apple
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 for the Federal Reserve to 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 focus on comments from policymakers and economic indicators in search of clues about the timing of interest rate hikes.
Traders trimmed the odds for a hike at the upcoming meeting to 12 percent after the blast of economic data, from 15 percent earlier, according to the CME Group's FedWatch tool.
The energy index <.SPNY> rose to 1.5 percent as Brent crude prices increased more than 2 percent.
With Apple having surged 11 percent over the past four sessions, its suppliers also rallied. Chipmaker Skyworks Solutions
At 2:07 pm ET, the Dow Jones industrial average <.DJI> was up 0.97 percent at 18,210.15 points and the S&P 500 <.SPX> gained 1.01 percent to 2,147.18.
The Nasdaq Composite <.IXIC> rallied 1.39 percent to 5,245.61.
Advancing issues outnumbered declining ones on the NYSE by a 3.26-to-1 ratio; on Nasdaq, a 2.75-to-1 ratio favoured advancers.
The S&P 500 posted two new 52-week highs and one new low; the Nasdaq Composite recorded 56 new highs and 35 new lows.
(Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Bernadette Baum)
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