U.S. stocks closed mostly higher Thursday after a late-afternoon wave of selling erased much of a midday rally.
Gains in industrial companies and other sectors outweighed losses in banks and health care stocks. Energy companies also rose after crude oil prices recovered from an early slide.
Bond yields declined after spiking to four-year highs a day earlier amid rekindled fears of higher inflation and interest rates.
“The yields easing back a little bit is probably reassuring people on a very short-term kind of basis,” said Erik Wytenus, global investment specialist at J.P. Morgan Private Bank. “That big, nasty intraday reversal yesterday was probably a little bit excessive.”
The Standard & Poor’s 500 index rose 0.1 percent, to 2,703.96. The Dow Jones industrial average gained 164.70 points, or 0.7 percent, to 24,962.48. The 30-company average was up briefly by more than 350 points. The Dow and the S&P 500 snapped a two-day losing streak.
The Nasdaq had been up much of the day, but closed lower. It fell 0.1 percent, to 7,210.09. The Russell 2000 index of smaller-company stocks gave up 0.1 percent, to 1,529.99.
The stock indexes are on track to close lower for the week. — AP