A look at the day's business news:
Stocks at new 2010 lows
Stocks slipped Thursday, but managed to trim bigger losses, after worse-than-expected readings on manufacturing, housing and the labor market fueled fears that the economy is heading for another recession.
The Dow Jones industrial average lost 41 points, or 0.4 percent, for its lowest close since Oct. 30. The Nasdaq composite lost 8 points, or 0.4 percent, closing at its lowest point since Nov. 4.
The S&P 500 lost 3 points, or 0.3 percent, closing at its lowest point since
Oct. 2. The combination of a weak weekly jobless claims, a lower-than-expected manufacturing index helped send the market lower throughout much of today, said Michael Sheldon, chief market strategist at RDM
Oil slides amid global jitters
Oil extended losses Thursday as investors remained concerned about the strength of the global recovery after worse-than-expected readings on manufacturing, housing and the job market.
Crude oil futures for August delivery fell $2.68, or 3.5 percent, to settle at $72.95 a barrel. The national average price for a gallon of regular unleaded gas decreased to $2.754, down 0.1 cent from the previous day's price of $2.755, according to motorist group AAA.
Oil continued to slide as investors' risk appetite weakened after several weaker-than-expected reports. The rate of manufacturing growth slowed in June, according to a report released Thursday. The Institute for Supply Management's index of U.S. manufacturing dropped to 56.2 in June from 59.7 in May. The reading came in much lower than the slight decrease to 59 economists had expected, according to a Briefing.com consensus survey.
Dollar slumps as economic outlook dims
The dollar slumped against major currencies Thursday as the euro rallied and U.S. economic data disappointed investors.
The dollar fell 2.5 percent versus the euro to $1.2520, and dropped 1.1 percent against the Japanese yen to ¥87.57. Against the British pound, the greenback fell 0.8 percent to $1.5177 .
The dollar slipped against the euro Wednesday after the European Central
Bank said demand for 3-month loans was weaker than expected, signaling that the banking sector may be in less trouble than previously thought.
Worries about the euro zone continued to ease Thursday after the ECB's latest refinancing results came in roughly in line with expectations and a Spanish bond auction was met with strong demand.
Treasurys give up gains
Treasurys turned lower in late afternoon trading Thursday, after they had posted gains earlier the day on three disappointing economic reports.
The price of the 10-year note ended the day 4/32 lower, at 104-23/32 with a 2.95 percent yield. Bond prices and yields move in opposite directions.
Meanwhile, the 30-year bond was flat at 108-18/32 and a 3.89 percent yield. The 2-year note hovered around 100, with a yield of 0.64 percent and the 5-year note slipped 5/32 to 100-11/32 with a 1.81 percent yield.
Treasurys slipped in late afternoon trading, but earlier in the day three key reports presented a worse-than-expected picture of the economy and spurred investors to buy up U.S. debt for its low-risk appeal.
CNNMoney.com reporters Annalyn Censky, Blake Ellis, Alexandra Twin, and Hibah Yousuf contributed to this report.