Street Wire: BP Stock Tumbles Nearly 10%
BP's (BP) stock plunged 9.7%, or $3.29, to close at $30.68 Monday on the New York Stock Exchange (NYX) amid pressure to suspend its dividend in wake of the growing Gulf oil spill. BP lost $10.6 billion in market capitalization in Monday trading. Costs related to the Gulf oil spill are estimated at $1.6 billion and counting. U.S. officials are pressuring BP to reserve billions for clean-up costs.