MIDDAY LUNCH

Dow 10167.09  +30.46, Nasdaq 2255.99  -1.05, S&P 1087.07  -2.40 

Selling pressure has caused stocks to give up some of their gains this afternoon. 

Concerns about the fiscal health of many Eurozone countries and pessimistic comments from the European Central Bank (ECB) caused stock to trading lower in the early morning.  Then some positive economic reports caused buyers to jump in scooping up bargains. 

The ISM Manufacturing Index for May came in at 59.7, which is slightly above the 59 estimates and construction spending in April showed a +2.7% increase from the prior month. The increase surpassed the +0.1% monthly increase economist had expected. The increase in construction spending was the best monthly Increase since 1998.

BP (BP) 37.43 -5.16, -12.84 shares continue to be punished today after the top kill method to stop the oil leak in the gulf failed.  Additionally, there are reports the U.S. government is seriously talking about the possibility of seizing control of BP’s American operations, finances and firing the CEO.

Apple (AAPL) 263.92 +7.04, +2.74% are higher after the company reported that over 2 million iPads have been sold within the last 60 days.