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While AppleInsider can't confirm the validity of users' complaints, the alleged outage seems to be widespread as many iOS users have taken to Twitter to voice their concerns over "cannot connect" error messages when attempting to purchase songs and apps through both the iTunes Store and the App Store.
The issue is most likely related to problems retrieving email messages on iCloud reported earlier today. That issue has been confirmed by Apple through its iCloud Support page and the company is reportedly working on a rolling out a fix soon.
Update: The problems appear to be fixed though Apple has yet to release a statement regarding the issue.