A look at highlights from the day's business news:
Dow gains 273 in big boost for stocks
A sharp boost in Chinese exports and a strengthening euro calmed concerns over Europe's debt crisis and its impact on global recovery, with major indexes hitting highs in the last minutes of trade.
The Dow Jones industrial average finished up 273 points, or 2.8 percent. The Dow closed above 10,000 for the first time this week. Shares of Caterpillar, Chevron and American Express led the rally, rising about 5 percent.
The S&P 500 index gained 31 points, nearly 3 percent, thanks to a bounce in energy shares that dragged on the market during the previous session. Anadarko Petroleum climbed 12.4 percent and Baker Hughes was up 10.6 percent. The Nasdaq composite rose 60 points, or 2.8 percent.
Stocks finished in the red Wednesday as investors dumped energy stocks amid ongoing worries about BP's ability to weather the costs of the Gulf oil spill. The market rebounded Thursday as investors digested a report
verifying a nearly 50 percent surge in Chinese exports in May compared to a year earlier and a stronger euro after European Central Bank President Jean-Claude Trichet said the central bank would maintain its monetary policy.
Oil prices rally on demand outlook
Oil prices gained for a third day Thursday as the dollar weakened and Chinese economic data boosted confidence in global demand for oil.
Crude oil for July delivery rose $1.10, or 1.5 percent, to settle at $75.48 a barrel on Thursday after jumping more than 3 percent on Wednesday.
The national average price for a gallon of regular unleaded gasoline fell to $2.706 from the previous day's price of $2.713, according to motorist group AAA.
Oil prices were lifted Thursday as stocks rebounded and the dollar fell against major currencies. Oil and other commodities that are priced in dollars tend to rise when the U.S. currency weakens.
Prices were also boosted by a report released Wednesday showing a bigger-than-expected drop in supplies last week and positive economic data from China.
Treasurys lower as risk appetite returns
Treasury prices fell Thursday as risk appetite returned to the markets after reassuring remarks out of Europe.
The benchmark 10-year note fell 1-5/32 to 101-19/32, pushing the yield up to 3.31 percent on Thursday from 3.18 percent late Wednesday. Bond prices and yields move in opposite directions.
The 30-year bond dropped 2- 5/32 to 102-11/32, yielding 4.24 percent. The 5-year note inched 19/32 lower to 100-4/32 and yielded 2.10 percent, while the 2-year note was down 4/32 to 99-30/32, yielding 0.78 percent.
Treasury prices fell, after rallying late in the previous day, as reassuring remarks out of Europe helped to boost appetite for risk on Thursday.
Euro leaps vs. dollar
The euro soared almost 1 percent against the dollar Thursday after the European Central Bank said it would maintain its liquidity measures, easing some fears of debt crisis in the zone.
What prices are doing: The euro rose 0.9 percent against the dollar to $1.2087 Thursday. Earlier in the week it fell to $1.18, a level not seen since the euro's debut on Jan. 4, 1999.
The greenback also fell 0.9 percent against the British pound to $1.4661, and it fell 0.3 percent against the Japanese yen at ¥91.03.
At a press conference, European Central Bank President Jean-Claude Trichet said the central bank would maintain its monetary policy. That includes continuing to offering three-month emergency loans to banks until September.
CNNMoney.com reporters Blake Ellis, Julianne Pepitone, Chavon Sutton and Hibah Yousuf contributed to this report.