BP Stock Jumps 7% with Successful Capping of Gulf Leak
British Petroleum's (NYSE:BP) share price jumped in late-day trading as news came out that the oil company had successfully stopped their broken pipe that has been dumping millions of gallons of oil into the Gulf of Mexico since April 22, 2010.
BP's share price remained stagnant for most of the day until 3:34pm and then rose sharply about 9 minutes after the gusher in the Gulf was capped. Shares ended the day of trading up 7.57% ($2.75 per share) at $38.92.
BP's stock price jumped 7% on the news that the company had managed to plug the oil well in the Gulf of Mexico, TheStreet reports. Though the company still has 48 hours until it completes tests on its new cap (itself only a temporary solution), markets seemed to take the company at its word. Transocean, another firm involved in the spill, also shot up, by about 4%.