LONDON: U.S. stocks ended higher Thursday, though they steadily gave up gains throughout the day as concerns about the recent slide in Chinese stocks continued to weigh on the market.
Stocks followed global markets sharply higher in early trading, with the Dow industrials rising as much as 249 points, or 1.4%. But shares pared their gains to end modestly higher.
“This morning, the knee-jerk reaction was ‘China is up so I’m going to buy everything,’” said Ian Winer, director of equity trading at Wedbush Securities. “But then people started to think about it a little bit more in terms of what’s really happening and what it means.”
The Dow Jones Industrial Average ended the day up 33.20 points, or 0.2%, to 17548.62. The S&P 500 rose 4.63 points, or 0.2%, to 2051.31 and the Nasdaq Composite added 12.64 points, or 0.3%, to 4922.40.
