Construction, manufacturing news helps stocks

June 1, 2010 2:08:10 PM PDT
NEW YORK (AP) - Stocks are off their lows after reports on construction spending and manufacturing signal that the economy is continuing to recover. Stocks opened lower after another drop in the euro, which hit a four-year low.

The Commerce Department says construction spending has risen by the biggest amount in nearly a decade. The 2.7 percent April gain was the largest since August 2000. Economists forecast spending would be flat.

The Institute for Supply Management says its manufacturing index fell to 59.7 in May from 60.4 in April. The figure topped economists' forecast.

At midday, the Dow Jones industrials are up 17. They had been down 98. The Standard & Poor's 500 index is down 3 at 1,087. The Nasdaq composite index is down 2 at 2,255.