Tuesday, June 1, 2010
BP's stock plummeted and took much of the market down with it Tuesday as the federal government announced criminal and civil investigations into the Gulf of Mexico oil spill. BP engineers, meanwhile, tried to recover from a failed attempt to stop the gusher with an effort that will initially make the leak worse. Attorney General Eric Holder, who was visiting the Gulf to survey the fragile coastline and meet with state and federal prosecutors, would not say who might be targeted in the probes into the largest oil spill in U.S. history.
"We will closely examine the actions of those involved in the spill. If we find evidence of illegal behavior, we will be extremely forceful in our response," Holder said in New Orleans.
BP's stock nose-dived on Tuesday, losing nearly 15 percent of its value on the first trading day since the previous best option – the so-called "top kill" – failed and was aborted at the government's direction. It dipped steeply with Holder's late-afternoon announcement, which also sent other energy stocks tumbling, ultimately causing the Dow Jones industrial average to tumble 112.
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