BP shares rise about 9 percent in early NY trading after plunging 15 percent a day earlier
By APThursday, June 10, 2010
BP shares rise about 9 percent early in NY
NEW YORK — Shares of BP PLC are rising sharply as trading opens in New York. They fell more than 15 percent a day ago.
In early Thursday trading, BP shares gained $2.85, or 9.8 percent, to $32.05. On Wednesday, they fell to a 14-year low of $29 during the session.
Investors have become increasingly worried about rising costs facing BP from the oil spill in the Gulf. This week, the Obama administration suggested the oil company should pay unemployment benefits to any oil workers that may be laid off during a moratorium on deep-sea drilling.
BP has already spent more than $1.4 billion BP trying to contain and clean up the oil and pay claims to Gulf coast businesses.
BP said Thursday it has strong financial reserves to cover the spill costs.
