BP Says Oil Leak Stopped, Shares Leap

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BPShares in BP (BP) rallied sharply Thursday after the company said the runaway well in the Gulf of Mexico stopped gushing oil for the first time since the onset of the disaster in April.

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.
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