Wednesday, June 9, 2010

Market Fears - Gulf oil spill will put BP into bankruptcy

Stocks fall on fears the Gulf oil

spill will put BP into bankruptcy

The stock market had another late-day slide, this time because offears that the Gulf oil spill will send BP into bankruptcy court.

Aerial Photos of Oil in the Gulf Wednesday, June 9, 2010

Oil from the BP Gulf oil spill stains an inlet on the northeast side of Barataria Bay.

The Dow Jones industrials, up more than 125 points at midday, closeddown 41. Most selling came in the last hour, the third time in fourdays that stocks had a late-day drop.

Investors got a "sell" signal from a news report that quoted ananalyst as saying BP could be forced to seek bankruptcy protection inabout a month because of the oil spill. Analysts also said there wereconcerns that the company might have trouble paying its dividend.


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