Monday’s Midday Movers: 3 Stories Driving Markets
The major U.S. stocks were sinking Monday as investors prepared for a possible government shutdown. As of noon:
|DIJA: -0.46% to 15,258.24||S&P 500: -0.41% to 1,691.75||NASDAQ: -0.15% to 3,781.59|
|Gold: +0.38% to 72||Oil: -0.82% to 24.1316||U.S. 10-Year: +0.42% to 26.30|
Here are three stories helping drive the market Monday afternoon.
1. For BP, The Question Is How Much Oil Really Spilled in 2010: BP (NYSE:BP) has acknowledged responsibility for the Gulf of Mexico oil spill that killed 11 men and spewed millions of barrels of crude oil into the ocean, and it has spent more than $25 billion on cleaning up the marshes, fisheries, and beaches along the coast and compensating victims. That spending is just the tip of the company’s spill-bill iceberg. In total, $42.4 billion has been spent or earmarked for spending on cleanup, compensation, fines, and other costs. BP has even sold assets that generated $5 billion of cash flow per year to pay those expenses.
Up until approximately six months ago, BP attempted to cooperate with the mountain of litigation that government agencies, private individuals, and businesses dumped on its docket. But in February, that changed. The company stopped pursuing a settlement for the federal government’s civil charges and a trial began in the New Orleans district court… (Read more.)