BP agreement to create $20B oil spill victims’ fund, decision to halt dividend lifts stocks

BP agreement ends uncertainty, lifts stocks

BP AGREES, THE MARKET RESPONDS: Stocks recovered from their lows and closed mixed after BP agreed to put $20 billion into a fund for Gulf oil spill victims. Analysts said the move relieves uncertainty about BP’s stability.

HOUSING DATA HURTS: The market fell early in the day after the government said home construction and applications for building permits fell in May after a homebuyers’ tax credit expired.

FEDEX FORECAST HURTS TOO: FedEx Corp. released a disappointing profit forecast for the fiscal year that began June 1. That had investors questioning the economic recovery.