MIDDAY LUNCH

Dow 10361.16  -48.37, Nasdaq 2298.15  -7.84, S&P 1109.92  -4.72 

The markets continue to trade lower but are up from the day’s lows. 

BP’s (BP) 31.68, -0.17, -0.53% CEO Tony Hayward is currently fielding questions from a Congressional panel regarding the Gulf oil spill.   Additionally, CNBC reported that BP is considering a corporate debt offering to raise $5 billion to $10 billion as early as next week.

Apple (AAPL) 271.22 +3.97, +1.49% shares are bucking the trend again today on news of very strong iPhone 4 sales.

Economic data released today disappointed the market for the most part.  Initial jobless claims for the week of June 12^th spiked to 472,000 well above the 450,000 that economist had estimated. The Philadelphia Fed Index for June also missed estimates. The index came in at 8.0, well below the 20.0 that was widely anticipated and down from the 21.4 that had been recorded for the prior month.