A look at highlights from the day's business news:
Stocks slump as energy shares tumble
Stocks finished in the red Wednesday, failing to sustain earlier gain in the last hour of trade, as investors ditched energy shares amid ongoing concerns about BP's ability to survive the Gulf oil spill.
The Dow Jones industrial average fell 41 points, or 0.4 percent, with Exxon Mobil's stock down nearly 2 percent. Earlier, the index surged 125 points and broke through the 10,000 level for the first time this week, reaching 10,065.
The S&P 500 index dipped 6 points, or 0.6 percent, as Anadarko Petroleum sank more than 18% and Tesoro Corp. slipped more than 5 percent. The Nasdaq composite lost 12 points, or 0.5 percent. Both indexes were up more than 1¬†percent¬†earlier in the day.
BP remained in the spotlight Wednesday, Day 51 of the oil spill disaster, as investors continued to worry how the company will weather the costs of leak. The company's stock sank more than 16 percent¬†Wednesday.
Oil climbs above $74 on supply drop
Oil prices rose for a second day Wednesday after a report from the Energy Department showed crude inventories fell more than expected last week.
Crude oil for July delivery gained $2.39, or morethan 3 percent, to settle at $74.38 a barrel on Wednesday. The national average price for a gallon of regular unleaded gasoline fell to $2.713 from the previous day's price of $2.718, according to motorist group AAA.
Prices ticked higher after a closely-watched inventory report from the the U.S. Energy Information Administration showed that oil inventories fell more than expected last week.
Euro inching up on the dollar
The euro regained ground against the dollar for the second straight day, after touching new four-year lows earlier in the week.
The euro rose 0.8 percent¬†against the dollar to $1.2067 Wednesday, after plummeting to the $1.18 mark earlier this week - levels not seen since the shared currency's debut on Jan. 4, 1999. The greenback also rose 0.1 percent¬†against the Japanese yen to ¬•91.55, but dipped 0.9 percent¬†on the British pound to $1.4601.
The euro has been battered over the past three months, falling more than 12 percent, as fears about Europe's debt crisis sent investors fleeing to safe-haven investments such as the greenback.
¬†Treasurys rally as stocks slump
Treasury prices were mostly higher Wednesday as stocks took a hit and investors braced for upcoming auctions.
The benchmark 10-year note rose 2/32 to 102-23/32, pushing the yield down to 3.18 percent¬†on Wednesday from 3.19 percent¬†late Tuesday. Bond prices and yields move in opposite directions.
But the 30-year bond lost 1/32 to 104-15/32, yielding 4.11 percent. The 5-year note inched 1/32 higher to 100-23/32 and yielded 1.97 percent, while the 2-year note was up 1/32 lower to 100-1/32, yielding 0.73 percent.
Treasurys fell for most of the day, as U.S. stock markets soared above the seven-month lows hit earlier in the week. But prices reversed direction, after stocks turned lower in the last hour of
CNNMoney.com staff reporters Blake Ellis, Chavon Sutton and Hibah Yousuf contributed to this report.