AP News

News Summary: Stocks snap a losing streak

FINALLY: Stocks notched their first gain of the week after Spain announced severe budget cuts.

HELP FROM APPLE: The Nasdaq and S&P were helped by a jump in Apple stock, ending three days of declines. Apple gained $16.14, or 2.4 percent, to $681.32 despite an analyst's report reducing estimates for shipments of iPhones later this year.

GAINS OVERSEAS: The market gains started earlier, in Asia, helped by expectations that the People's Bank of China will act soon to help the Chinese economy. China's biggest steelmaker said Thursday it has shut down a mill in Shanghai, a sign of weakening growth.

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