U.S. Stocks Trim Loss on Apple While Spain Bonds Advance

U.S. stocks trimmed losses as Apple Inc. rose and speculation grew that European leaders will take new steps to tame the debt crisis. Spanish and Italian notes jumped on bets the European Central Bank will buy the debt.

The Standard & Poor’s 500 Index lost 0.1 percent at 4 p.m. in New York, erasing most of a 0.7 percent drop as Apple rallied on speculation it is preparing to introduce a new iPhone. Ten-year Treasury yields increased three basis points to 1.57 percent, while gold topped $1,700 an ounce for the first time since March. Spanish and Italian two-year note yields dropped at least 26 basis points. FedEx Corp. slumped 3.2 percent after regular trading as it said earnings will be short of forecasts.