Stocks snap a losing streak
NEW YORK -- Stocks notched their first gain of the week Thursday after Spain announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
It was the best day for the U.S. market since Sept. 13, when Federal Reserve Chairman Ben Bernanke announced further steps by the central bank to speed the economic recovery.
Stocks were also helped by speculation that the central bank of China will act soon to help the world's No. 2 economy.
The Dow Jones industrial average climbed 72.46 points, or 0.5 percent, to close at 13,485.97. It was the Dow's first gain in five trading sessions. The average was up as much as 109 points after the Spain announcement.
The Standard & Poor's 500 index, after five days of declines, closed up 13.83 points, or just shy of 1 percent, at 1,447.15. The Nasdaq composite index rose 42.90 points to 3,136.60.
The Nasdaq and S&P were helped by a jump in Apple stock, reversing 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.