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European stocks snapped a losing streak Thursday, as soft U.S. economic data underscored expectations that borrowing rates in the world's largest economy will be held at ultra-low levels a while longer.
U.S. stocks finished higher Thursday, near their intraday highs, as an Apple-inspired rally in the tech sector helped to lift the broader market following a deluge of macroeconomic reports. Earlier in the session, investors were training their focus on retail sales, which showed a decline in August-the first since March. Meanwhile a weekly report on jobless claims ticked higher but remained at historically low levels. And, producer prices remained flat, suggesting lack of inflation pressures.
Gains in Asian markets followed a sharp rise in Apple shares overnight which boosted major U.S. indexes. Apple began shipping its new iPhone models Friday. Markets in China, Hong Kong, Taiwan, South Korea and Malaysia were closed for the mid-autumn festival.
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