Jackson, 83, "is in very good spirits" and expects to be sent home from the hospital Friday, said a source close to the family, who asked not to be identified.
The "mild" stroke is similar to two others he suffered in the past five years, another source close to Jackson said.
Jackson created and managed the Jackson 5, the legendary group that made his sons stars, including Michael Jackson.
While he is still married to Jackson matriarch Katherine Jackson, they live separately. He has a home in Las Vegas, and his wife lives in Calabasas, California, with Michael's three children.
Joe's image as a father became tarnished in the 1980s, as stories told by his children emerged saying he was abusive toward them.
When he managed the Jackson 5, he allegedly ordered each of them to call him "Joseph", which contributed to several siblings being estranged from their father.
Michael Jackson also claimed that from a young age he was physically and emotionally abused by his father.
Despite his age, Joe Jackson remains active in developing and promoting several businesses and products.