A look at highlights from the day's business news:
Stocks stage recovery
Stocks managed gains Thursday following a choppy session in which investors mulled mixed economic news ahead of Friday's big monthly jobs report.
The Dow Jones industrial average added a few points. The S&P 500 index gained 4 points, or 0.4 percent. The Nasdaq composite rallied 22 points, or 1 percent.
Stocks gained in the morning, turned mixed in the afternoon as the euro retreated and then staged another rally near the close.
The weak euro, a spike in crude oil prices and a rise in Treasury prices were all in play during the session. Financial shares were mostly lower, while Nasdaq components Microsoft, Yahoo and Dell helped lift that index.
On a broader level, the market is churning following a monthlong "correction" that set the Dow, S&P 500 and the Nasdaq more than 10 percent off the recent rally highs. Stocks slumped during that period on worries that the European debt crisis and weak euro will hurt global growth.
Dollar gains as factory, service reports disappoint
The dollar turned higher against major currencies Thursday after reports on factory orders and the services sector fell short of economist expectations and investors opted once again for the safe-haven appeal of the U.S. currency.
The dollar rose 0.7 percent against the euro to $1.2164 Thursday, and also inched up about 0.3 percent on the British pound to $1.4616.
The greenback also continued to post gains against the yen, rising 0.7 percent against the Japanese currency to Â¥92.752, a day after the country's prime minister announced his resignation.
The euro and pound had posted minor gains against the dollar early Thursday morning but gave up those gains around 10 a.m. ET, following two key U.S. economic reports.
The Commerce Department reported that U.S. factory orders increased 1.2 percent in April, falling short of the 1.7 percent rise economists were expecting. Meanwhile, the Institute for Supply Management's services sector index for May held steady at 55.4, missing forecasts for a rise to 55.6.
Oil prices rise as supply falls
Oil prices ticked higher Thursday after inventory reports showed supplies fell much more than expected.
Crude oil for July delivery rose 47 cents to $73.33 a barrel Thursday.
The national average price for a gallon of regular unleaded gasoline fell to $2.716, down from the previous day's price of $2.723, according to motorist group AAA. That's the 28th straight day of declines, and prices have fallen more than 7 percent in that period.
Crude prices have slumped almost 8 percent year to date. They have slipped almost 15 percent in the past month alone.
The Energy Information Administration said Thursday that U.S. oil demand rose to a 16-month high of 20 million barrels per day last week.
Gasoline demand rose 75,000 barrels a day, resulting in a 2.65 million barrel supply drop. Analysts had forecast a 750,000-barrel drop, according to a survey conducted by research firm Platts.
Crude inventories fell by 1.9 million barrels, more than the 1 million-barrel drop expected by analysts.
Treasurys lower ahead of key jobs report
Treasurys were lower Thursday as stocks inched higher and investors braced for the government's closely watched report on employment.
The benchmark 10-year note fell 6/32 to 101-4/32, pushing the yield up to 3.36 percent, from 3.34 percent on Wednesday. Bond prices and yields move in opposite directions.
The 30-year bond lost 17/32 to 101-24/32 and yielding 4.27 percent. The five-year note edged lower by 2/32 to 99-28/32, yielding 2.15 percent, while the two-year note was unchanged at 99-28/32, yielding 0.81 percent.
Treasury prices were pressured as stocks rose following a handful of economic reports. Treasurys are viewed as low-risk investments since they are backed by the U.S. government and are seen as attractive during times of economic uncertainty.
The Labor Department said Thursday that jobless claims fell to 453,000 last week, down 10,000 from an upwardly revised 463,000 in the previous week.
Separately, payroll services firm ADP showed that private-sector employers added 55,000 jobs in May, missing economists' expectations.
CNNMoney.com reporters Alexandra Twin, Annalyn Censky, Julianne Pepitone and Blake Ellis contributed to this report.