Risk aversion returned to markets on Thursday, supporting the U.S. dollar and government bonds, after mixed economic data, while concern about the possible failure of a small U.S. lender sparked caution following the week’s robust gains in stocks.

Oil hovered around $61 a barrel as worry about the strength of global fuel demand was offset by news of strong economic growth in China.

The U.S. dollar initially fell to a six-week low against major currencies after JPMorgan’s reported record investment banking and trading results, providing further evidence of recovery in the financial system, but weak U.S. manufacturing data and concern about the impact of the possible failure of U.S. lender CIT re-introduced a bid for safer-assets.

CIT’s talks about aid with the U.S. Treasury ended Wednesday night, leaving the lender to its own devices, and endangering the future of some of the one million customers of the lender to small businesses. U.S. Treasury debt

Charlie Smith, chief investment officer of Fort Pitt Capital Group and co-manager of the Fort Pitt Capital Total Return fund, declared, “Yes to telecom.”"People are not going to want to do without their cell phones, their high-speed wireless,” said Smith

“Cash flows for Comcast , Verizon cnbc_quoteComponent_init_getData(”VZ”,”WSODQ_COMPONENT_VZ_ID0ECBAC15839609″,”WSODQ”,”true”,”ID0ECBAC15839609″,”off”,”false”); and AT&T cnbc_quoteComponent_init_getData(”T”,”WSODQ_COMPONENT_T_ID0ECGAC15839609″,”WSODQ”,”true”,”ID0ECGAC15839609″,”off”,”false”); are going to hold up pretty well,” Smith said. He pointed out that Verizon raised its dividend recently, and praises the firm’s rollout of its FiOS ultra-high-speed fiber-optic Internet/TV/telephone service.

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