A look at highlights from the day's business news:
Stocks cut losses after Greece-induced slump
Stocks ended higher Thursday, erasing a steep morning selloff sparked by Greek debt default worries, a spike in the dollar versus the euro and a plunge in commodity prices.
Also in focus: President Obama's speech on financial reform, a better-than-expected housing market report, a mixed reading on weekly jobless claims, a rise in wholesale inflation and the latest round of corporate profit results.
The Dow Jones industrial averageÂ gained 9 points, or 0.1 percent, having been down as much as 108 points in the morning. The S&P 500 index rose 3 points, or 0.3 percent. The Nasdaq compositeÂ rose 14 points or 0.6 percent.
Fears that Greece's fiscal problems are even worse than expected sent global markets lower Thursday, lifting the dollar versus the euro and pummeling the commodity sector.
But U.S. stocks managed to fight off the selling pressure as the session wore on, with commodity and financial shares cutting their losses.
Treasurys turn lower on upcoming supply
Treasury prices gave up gains and turned lower Thursday after the Treasury announced a fresh supply of U.S. debt to be auctioned next week.
What prices are doing: The benchmark 10-year note fell 9/32 to 98-25/32, pushing the yield up to 3.78 percent from from 3.75 percent late Wednesday. Bond prices and yields move in opposite directions.
The 30-year bond slipped 11/32 to 99-25/32, and its yield rose to 4.64 percent.The 2-year note shed 2/32 to 99-30/32 with a 1.04 percent yield. The 5-year note was down 7/32 to 99-27/32 with a yield of 2.54 percent.
What's moving the market: Early in the session, a safety bid for U.S. Treasurys gained traction after a report from the European Union suggested that Greece's 2009 deficit was bigger than the government reported. The credit rating agency Moody's downgraded Greece's debt to a lower investment grade, and initiated a further review.
Oil squeezes out a gain
Crude oil prices rose after a late bump-up in equities overshadowed a mix of bearish news.
What are prices doing: Crude for June delivery inched 2 cents higher to settle at $83.70 a barrel. Prices fell to as low as $82.60 during Thursday trading.Â
A spate of mostly upbeat earnings reports in the U.S. helped to boost oil prices earlier this week, after they fell 3 percent last Friday following the Goldman Sachs fraud charges.Â
CNNMoney.com reporters Chavon Sutton, Hibah Yousuf and Alexandra Twin contributed to this report.
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