A look at highlights from the day's business news:
Stocks stage a big rally
U.S. stocks soared Thursday, with major indexes gaining about 3 percent, after Chinese officials denied that they're reviewing their nation's investment in European bonds.
The Dow Jones industrial average gained 286 points, or 2.9 percent, and finished at 10,259. Intel, American Express and Alcoa led the advance. The S&P 500 index added 35 points, or 3.3 percent. The Nasdaq composite rose 82 points, or 3.7 percent.
Stocks erased gains in the last hour of trade Wednesday, with the Dow finishing below 10,000 for the first time in three months, as the focus shifted from strong economic reports to lingering concerns about global economic
recovery and the weakening euro. But investors' confidence got a boost Thursday after China's State Administration of Foreign Exchange refuted reports that the country was reconsidering its holdings in European bonds.
Oil prices continue toÂ climb
Oil prices climbed for the second day in a row Thursday after Chinese officials denied reports that they're reconsidering the country's holdings in European bonds.Â
Crude for July delivery rose $3.04, or about 4.25 percent, to settle at $74.55 a barrel Thursday.Â Gasoline prices fell for the 20th consecutive day, slipping to $2.759 a gallon from $2.771 the day before, according to a survey by motorist group AAA.
Oil traders welcomed news from China's State Administration of Foreign Exchange, which rejected reports that the country is reviewing its investment in European bonds amid concerns over the continent's debt problems.
Euro soars 1.5 percentÂ on dollar
The euro leaped 1.5 percentÂ against the dollar Thursday as global stocks rallied,Â helping put a floor under the shared currency.
The dollar fell 1.5 percentÂ against the euro to $1.2363. The greenback also sank 1.4 percentÂ versus the British pound to $1.4588. It was up 1.1 percentÂ against the Japanese yen at Â¥90.91.
The euro has been mired in a sell-off for the past three weeks as debt concerns weighed on the zone, but Thursday rallies in European stock indexes helped put a floor under the shared currency as investors tend to buy the shared currency when risk appetite is stronger.Â The CAC 40 in France closed 3.4 percentÂ higher and the DAX in Germany added 3.1 percentÂ in the day.Â
Treasurys slip as equities rally
Treasury prices fell for the second day in a row on Thursday as stocks opened higher, the euro rose and investors awaited a $31 billion auction of 7-year notes.
The benchmark 10-year note fell 2/32 to 101-4/32, pushing the yield up to 3.37 percent, from 3.19 percentÂ on Wednesday. Bond prices and yields move in opposite directions.Â The 30-year bond lost 4/32 to 102-29/32 and yielding 4.3 percent. The 5-year note edged lower by 1/32 to 99-21/32, yielding 2.21 percent, while the 2-year note fell less than 1/32 to 99-24/32, yielding 0.89 percent.
Treasury prices were pressured Thursday as demand for riskier investments increased and stocks recovered losses from the previous session. Treasurys are viewed as low-risk investments since they are backed by the U.S. government; therefore, they are particularly attractive during economic uncertainty.
CNNMoney.com reporters Annalyn Censky, Blake Ellis, Julianne Pepitone andÂ Hibah Yousuf contributed to this report.