U.S. Stocks Rise Following Bank of England Inaction; Apple's iPhone 7 Sold Out

U.S. stocks gained steam Thursday as the Bank of England kept benchmark interest rates unchanged. Though the central bank hinted that rates could be cut in the future. The Bank of England cut rates last month in an effort to limit the economic fallout from the June 23 Brexit vote. Analysts say the Bank of England's move paves the way for inaction from the Federal Reserve next week. Retail sales fell 0.3 percent in August, while analysts were expecting retail sales to hold steady from the prior month. Stripping out gas and autos, retail sales dipped 0.1 percent, while analysts were forecasting a 0.4 percent gain. Weekly jobless claims rose by 1,000 to 260,000 in the past week, while analysts had expected a rise to 265,000. The Apple (AAPL) - Get Report iPhone 7 is sold out across the globe and won't be available in stores on Friday as initially planned. Shares rose almost 2%. TheStreet's Scott Gamm reports from Wall Street.