U.S. stocks surged on Thursday, lifting the Dow industrials back into positive terrain for the year, as heavy-equipment maker Caterpillar boosted its profit outlook and an unexpected increase in euro-zone manufacturing eased worries about the global economy.
But equities pared gains in late trading as New York City’s Bellevue Hospital said it was testing a doctor who recently returned from West Africa for Ebola after he exhibited some symptoms consistent with the virus. He was the latest of many patients to have been tested for Ebola-like symptoms in the city in recent weeks; all of the prior tests were negative.
“You would think that if Nigeria could contain it, then so could we, but this is a very manic-depressive market that we’re in,” said Peter Boockvar, chief market analyst at the Lindsey Group, who instead offered the view that the market retreated after the S&P 500 hit technical resistance at its 100-day moving average of 1,961.50.
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