A look at highlights from the day's business news:
Stocks erase gains on Greece news
Stocks gave up gains by the close Monday after Moody's downgraded Greece's debt rating, reminding investors that Europe's economic woes aren't going away anytime soon.
The Dow Jones industrial average lost 20 points, or 0.2 percent, the S&P 500 index lost 2 points, or 0.2 percent, and the Nasdaq composite ended little changed.
Stocks gained soundly in the morning after a report showed a big jump in industrial output in Europe, boosting the euro and reassuring investors about the global recovery. But the advance lost steam in the early afternoon on news that Moody's cut its debt rating on Greece to "junk status."
Oil climbs above $75
Oil prices jumped Monday, riding on the back of stronger stocks and foreign exchange.
Crude oil for July delivery rose $1.34 to settle at $75.12 a barrel Monday.
The national average price for a gallon of regular unleaded gasoline fell to $2.698 from the previous day's price of $2.701, according to motorist group AAA. That's the eighth straight day of declines.
Oil prices rallied last week, rising for four straight days before declining on Friday after a disappointing U.S. retail sales report.
Gains in the Dow Jones industrial average, Nasdaq and S&P 500 gave crude prices a boost on Monday, as investors look to the stock market as an indicator of when global fuel demand will rebound.
Dollar falls against euro
The dollar turned lower against European currencies Monday after a report showed the euro zone's economy is still growing and increased investors' appetite for riskier assets.
The greenback fell 1 percent against the euro to $1.2239 and fell 1.3 percent against the British pound to $1.4736 Monday.
The euro has rebounded 5.4 percent since it fell to $1.1892, a four-year low against the dollar early last week.
Meanwhile, the dollar rose 0.3 percent against the Japanese yen to Â¥91.853 Monday.
Investors welcomed news that industrial production in the euro zone increased more than expected in April. The region's output rose 0.8 percent over March, better than the 0.5 percent economists had forecast, the European Union's statistics office reported Monday.
The report calmed fears about Europe's debt crisis offsetting a global economic recovery, and drove investors away from the safe-haven dollar to the euro and pound, which are considered riskier assets.
Treasurys fall as euro gains
Treasurys edged lower Monday as upbeat economic data from the euro zone boosted the euro, limiting the demand for safe haven assets.
The benchmark 10-year note fell 8/32 to 102, pushing the yield up to 3.26 percent on Monday from 3.22 percent late Friday. Bond prices and yields move in opposite directions.
The 30-year bond lost 21/32 to 103-6/32, yielding 4.19 percent. The five-year note fell 3/32 to 100-13/32 and yielded 2.05 percent, while the two-year was flat at 100-1/32, yielding 0.74 percent.
Investors turned to riskier investments after a report showed industrial production in Europe jumped in April. Because Treasurys are backed by the U.S. government, they are viewed as low-risk investments and are attractive during times of economic uncertainty.
CNNMoney.com reporters Alexandra Twin, Julianne Pepitone, Annalyn Censky and Blake Ellis contributed to this report.