US STOCKS-Dow, S&P flat; Nasdaq off as selling pressure remains

* S&P sits at key support level

* BofA weighs on Dow, Countrywide unit to pay $108 mln

* Apple expected to unveil new iPhone at conference

* Indexes: Dow, S&P up 0.2 pct, Nasdaq down 0.4 pct
(Updates to midday, changes byline)

By Ryan Vlastelica

NEW YORK, June 7 (BestGrowthStock) – The Dow and S&P 500 were
modestly higher on Monday while the Nasdaq was lower, adding to
last week’s losses on a disappointing May payrolls report.

On a day with little data, the S&P 500 index, off more than
12 percent since its April 23 high for the year, hit 1,060 — a
key support level reached several times in recent weeks —
before briefly bouncing higher.

“Stocks have suffered on news that is now broadly known
and, therefore, somewhat discounted,” Robert W. Baird wrote in
a note to clients. The firm forecast a support level for the
S&P at 1,045 and resistance at 1,160. For details, see
[ID:nN07194769]

On Friday, indexes slumped more than 3 percent after the
May payroll report came in far weaker than expected and on
worries over the sovereign debt crisis in some European
countries, the latest being Hungary.

“You would normally see a bounce following a sell-off like
we saw on Friday, but the lack of any real direction today
shows the market remains unconvinced that all the issues have
been worked out,” said Alan Gayle, senior investment strategist
at RidgeWorth Investments in Richmond, Virginia.

The Dow Jones industrial average (.DJI: ) was up 16.86
points, or 0.17 percent, at 9,948.83. The Standard & Poor’s 500
Index (.SPX: ) was up 2.23 points, or 0.21 percent, at 1,067.11.
The Nasdaq Composite Index (.IXIC: ) was down 8.35 points, or
0.38 percent, at 2,210.82.

Financials were lower on Monday, with Bank of America Corp
(BAC.N: ) the top percentage decliners among Dow components, off
1.9 percent to $15.06. The company’s Countrywide Financial Corp
unit agreed to pay $108 million to settle U.S. government
charges of misleading and overcharging consumers.
[ID:nN07197201]

Separately, a government commission investigating the
financial crisis has issued a subpoena to Goldman Sachs Group
Inc (GS.N: ) for failing to comply with a request for documents
and interviews in a timely manner, and the stock fell 0.6
percent to $141.54. [ID:nN07197430]

In the tech sector, Apple Inc (Read more about Apple stock future.) (AAPL.O: ) slid 0.3 percent to
$255.30 ahead of the company’s annual developer’s conference
where Chief Executive Steve Jobs is expected to unveil a new
version of the company’s popular iPhone product.
[ID:nN07197833]

On the upside, Amazon.com Inc (AMZN.O: ) rose 1.8 percent to
$124.83 after Goldman Sachs added the stock to its conviction
buy list. [ID:nSGE6560HT]

U.S.-listed shares of BP Plc (BP.N: ) rose 1.2 percent to
$37.60 after the company said it made progress in containing
the Gulf of Mexico oil spill, but still faced tough questions.
[ID:nLDE65608D]

In merger news, Spain’s Grifols SA (GRLS.MC: ) agreed to buy
Talecris Biotherapeutics Holdings Corp (TLCR.O: ), which produces
plasma-based protein therapies, for $3.4 billion. Talecris
surged 25 percent to $19.89.

Bristol-Myers Squibb Co (BMY.N: ) climbed 7.8 percent to
$24.18 after a study found its experimental drug extended
survival in patients with deadly skin cancer. [ID:nN05261548]

Stock Today

(Editing by Kenneth Barry)

US STOCKS-Dow, S&P flat; Nasdaq off as selling pressure remains