BP Says Oil Leak Stopped, Shares Leap
BP shut the valves on the massive cap at 2:35 p.m. Eastern time and it held, the Associated Press reported, halting the flow of oil after a series of setbacks that lead to the worst oil spill in U.S. history.
Engineers will now wait and see if the 75-ton cap can contain the oil without new leaks forming in the well or surrounding area. The cap is not a permanent fix, but rather a stop-gap until two reliefs wells can be completed in order to plug the leaking well for good.
Shares in BP gained 7.6%, or $2.74, to close at $38.92. The stock traded at about $60 before the Deepwater Horizon disaster on April 20.