Wall Street edges higher; Europe anxiety remains

US stocks ended with modest gains on Thursday, shifting back and forth on incremental developments in Europe where leaders sought to reassure investors that a solution to the debt crisis would come soon.

The S&P has alternated gains and losses for seven days at the close and has kept to a tight range as markets watch for the latest news out of Europe.

The Dow Jones industrial average ended up 37.16 points, or 0.32 percent, at 11,541.78. The Standard & Poor's 500 Index was up 5.51 points, or 0.46 percent, at 1,215.39. The Nasdaq Composite Index was down 5.42 points, or 0.21 percent, at 2,598.62.

European shares hit a two-week closing low in a choppy session as doubts whether a European Union summit planned for Sunday will go ahead overshadowed news that the region's rescue fund will be able to buy bonds on the secondary market.

The FTSEurofirst 300 index of top European shares ended 1.4 percent down at 954.27 points, the lowest close since Oct. 7. The index, down 2.2 percent this week, is on course to post a weekly drop after gains in the past three weeks.

The Nikkei share average closed at a two-week low after comments from France's president threw cold water on expectations the European Union's weekend summit would result in real progress in keeping the euro zone debt crisis in check.

The Nikkei average fell 1 percent to 8,682.15 and the broader Topix index shed 0.7 percent to 746.02.