Indexes took big losses late last week after major Asian markets skidded. The Dow Jones industrial average dropped as much as 184 points. Industries that depend heavily on China and global economic growth, such as technology and energy companies, also fell. Late Thursday, though, investors bought utilities, real estate investment trusts and other stocks that tend to pay big dividends.

And they seemed to reconsider how well China's economy is doing. Over the last few months it appeared to be getting stronger, said David Chalupnik, head of equities for Nuveen Asset Management.

“We've had three months of good data out of China,” he said. “The question is, is it just one number or is this the start of a new trend?”

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