(CNBC) U.S. equities pared gains and closed mostly lower on Thursday despite concerns over China having been largely subsided while investors digested a number of economic data points.

“We’re still trading in this sort of range,” said JJ Kinahan, chief strategist at TD Ameritrade. “Yesterday was such an amazing rally that it’s hard to believe we come out of it unscathed.”

U.S. stocks gave back most of their gains less than an hour ahead of the close after trading in a back-and-forth range throughout the morning despite a massive fall in oil prices. The Dow rose about 80 points at its peak, while the S&P 500 and the Nasdaq Composite rose about 7 points and 27 at their respective highs.

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