The Standard & Poor 500 Index gained and managed to hit 1,952.29 on Thursday evening. The 0.5 percent gain is giving the investor some boost in confidence amid the slowdown in the global economy. However, the gain was still considered below the 30-day average.

U.S stocks also managed to close higher after low volumes exchanged for the past week due to interest hike announcement that Federal Reserve is expected to make next week.

The gain marks a total increase of 1.3 percent for the S&P 500. However, the index has lost 8.3 percent this year after the highest data recorded in July. Besides S&P 500, Nasdaq rose 0.8 percent while Dow Jones Industrial Average also gained 0.5 percent to close at 16, 330.40 as reported by Bloomberg.

The gain was boosted by Apple Inc as investors were seen to begin pushing index related counter. Apple Inc climbed 2.2 percent after the company announces the release of a new upgrade of their product during a convention. While for the healthcare sector, Biogen Inc. and Gilead Science Inc lead the gainer in the sector.  

The Fed has been in focus recently as they are about to have a meeting this coming September 16, this will be the first interest rate increase in 10 years if it happens according to The Australian. An increase in interest rate signify a bullish economic outlook by the Fed but it will definitely impact the stock market.

Another good sign of bullish economy is the new report on job market released showing that application for unemployment claims decline. The report showed that unemployment rate fell to 5.1 percent and current U.S job openings increased to 15 years high. According to the data by the Labor Department, Americans applying for benefits decrease with 6,000 dropped in the weekly application.

Mike Ryan, Chief Investment Strategist at UBS Wealth Management Americas told The Los Angeles Times that investors should not be worried about the outcome of the policymaker's meeting since the country is not dependent much on Fed anymore to support growth.

The price of oil also increased yesterday as U.S crude price increased by $1.77. According to Energy Department, there is an increase in the demand of U.S gasoline with an increase of 3.8 percent in demand.

Global markets are in uncertainty due to a slowdown in China economic after the devaluation of Yuan. Currency of developing countries across Asia is also in volatility raising fear among investor as this could affect the import and export activity of countries.