The stock market had another late-day slide, this time because of fears that the Gulf oil spill will threaten BP’s dividend and perhaps land the company in bankruptcy court. Most selling came in the last hour, the third time in four days that stocks had a late-day drop. Investors got a “sell” signal from news reports that raised the possibility of worsening financial fallout from the oil spill. A group of about 30 U.S. lawmakers sent a letter to BP CEO Tony Hayward asking him to halt dividend payments and advertising until the leaking well is capped and the spill is cleaned up. BP is scheduled to make a $2.63 billion payout on June 21.
The Dow Jones industrial average fell 40.73, or 0.4 percent, to 9,899.25.
The Standard & Poor’s 500 index fell 6.31, or 0.6 percent, to 1,055.69.
The Nasdaq composite index fell 11.72, or 0.5 percent, to 2,158.85.
For the week to date:
The Dow is down 32.72, or 0.3 percent.
The S&P is down 9.19, or 0.9 percent.
The Nasdaq is down 60.32, or 2.7 percent.
For the year to date:
The Dow is down 528.80, or 5.1 percent.
The S&P is down 59.41, or 5.3 percent.
The Nasdaq is down 110.30, or 4.9 percent.
Stocks slide on weak jobs reportHow the major stock indexes fared on Tuesday (AP)
School Stocks Soar, Remain Unattractive; Any Exceptions? (at Seeking Alpha) « Market News said
[...] Financial overhaul measures rile small banksHow the major stock indexes fared on Wednesday (AP) [...]