(CNBC) U.S. stocks closed sharply higher on Thursday as investors parsed through a series of economic data as the Federal Reserve's next meeting draws near.
"There are three thing driving today's action," said Michael Arone, chief investment strategist at State Street Global Advisors. "First, Apple is performing better after strong iPhone 7 sales. We've also had a bounce in oil, ... and you've had a number of data that have been tepid at best, and that's making the possibility of a rate hike next week go lower and lower."
The Dow Jones industrial average briefly gained more than 200 points before closing about 180 points higher, with Apple contributing the most gains. The S&P 500 rose 1 percent, with information technology and energy advancing more than 1 percent to lead advancers. The Nasdaq composite outperformed, rising 1.4 percent, with Apple gaining 3.4 percent. The iPhone maker's stock was up 12 percent for the week.
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