US stocks decline as Gulf oil spill continues
June 2nd, 2010 - 5:52 am ICT by IANSWashington, June 2 (DPA) US stocks fell Tuesday after oil giant BP declared that its most promising effort yet to cap an oil leak in the Gulf of Mexico had failed.
Shares of energy companies fell more than any other group as trading resumed after a long holiday weekend. BP declared Saturday that its “top-kill” procedure, aimed at sealing a ruptured wellhead on the floor of the Gulf of Mexico, was unsuccessful.
US Attorney General Eric Holder said the government was investigating whether criminal charges should be filed against those responsible for what is estimated to be the biggest oil spill in US history.
The widening disaster overshadowed some better-than-expected figures from the US construction and manufacturing sectors.
The blue-chip Dow Jones Industrial Average fell 112.61 points, or 1.11 percent, to 10,024.02. The broader Standard and Poor’s 500 Index dropped 18.7 points, or 1.72 percent, to 1,070.71. The technology-heavy Nasdaq Composite Index was down 34.71 points, or 1.54 percent, to 2,222.33.
The US currency rose against the euro to 81.73 euro cents from 81.52 euro cents Friday and climbed against the Japanese currency to 91.01 yen from 90.89 yen.
- US stocks drop on disappointing earnings - Feb 04, 2010
- BP calls for changes in oil exploration methods - Jun 04, 2010
- US stocks fall sharply amid fears of more job losses - Feb 05, 2010
- US allows BP to drill new Gulf deepwater wells - Oct 22, 2011
- US terms reports of BP resuming Gulf of Mexico drilling as 'misconception' - Apr 05, 2011
- BP begins critical test of ruptured well - Jul 14, 2010
- BP's top-kill operation temporarily stops oil leak (Lead) - May 27, 2010
- Obama arrives in Gulf as top-kill effort continues - May 28, 2010
- Obama extends drilling halt as top-kill stops oil leak - May 28, 2010
- Leaking US oil well capped; tests to show how effectively - Jul 13, 2010
- Mexico oil spill: US prepares for worst - May 31, 2010
- India's forex reserves drop by $1.47 billion - Apr 14, 2012
- US to explore oil in Gulf of Mexico - Jan 27, 2012
- BP to sell two Gulf of Mexico assets - Nov 19, 2011
- BP begins top-kill operation to curb oil leak - May 27, 2010
Tags: blue chip, criminal charges, dow jones, dow jones industrial, dow jones industrial average, energy companies, eric holder, gulf of mexico, gulf oil, holiday weekend, japanese currency, long holiday, manufacturing sectors, nasdaq composite index, oil giant bp, oil leak, oil spill, promising effort, us currency, wellhead