Stocks close higher for 2nd straight day as Dow rises 80 points.

Financial markets remained volatile Thursday as the Dow and S&P 500 managed to close higher for a second straight day in choppy trading.

U.S. stocks are fighting to gain traction in the new year, as a growth scare continues to hang over global markets and volatility in the energy patch persists.

The Dow Jones industrial average rose 80 points, or 0.5%, to close at 16, 417 and the broader Standard & Poor's 500 stock index managed to post a 0.1% gain, rising 2 points to 1915. The tech-heavy Nasdaq composite rose 6 points, or 0.1%, to 4510.

Volatility in oil prices continued to keep markets on edge as oil prices pulled back after surging 8% Wednesday. After falling as low as $31.68 per barrel earlier in the session Thursday, the price of U.S.-produced crude jumped as high as $33.60 before retreating again to close at $31.72, down 1.7%.

Investors encountered some fresh negative news on economic growth in the U.S. and the eurozone. Citing a slowdown in China and emerging markets and negative fallout from the refugee crisis, the European Union trimmed its 2016 eurozone growth forecast to 1.7%, down from 1.8%.

The EU growth downgrade dragged down shares in Europe, where Germany's DAX index fell 0.4% and the broad Stoxx Europe 600 was off 0.1%.

Mixed U.S. economic data added to the more pessimistic sentiment. Initial jobless claims in the most recent week rose 8,000 to 285,000 and fourth-quarter 2015 U.S. productivity fell 3%, worse than the 2% drop expected.

Not even continued weakness in the U.S. dollar -- which had been super strong this year and hurting commodities and U.S. multinationals in the process -- could lift stocks Thursday. After a sizable drop in the dollar Wednesday, the Wall Street Journal dollar index was down another 0.9% against a basket of foreign currencies Thursday and the euro spiked higher versus the dollar.

Asian stocks were were mixed. Shares of Japan's Niikei 225 fell 0.9%, while stocks in Hong Kong rose 1% and shares in mainland China's Shanghai composite jumped 1.5%.