Stocks on Wall Street failed to hold the solid gains made at the end of last week, and BP shares fell hard on both sides of the Atlantic.The UK oil company is under continued pressure from US politicians to set aside funds for cleanup and compensation rel
Stocks on Wall Street failed to hold the solid gains made at the end of last week, and BP shares fell hard on both sides of the Atlantic.
The UK oil company is under continued pressure from US politicians to set aside funds for cleanup and compensation related to the Gulf of Mexico oil spill.
BP said its board wasn't expected to make an announcement on whether it will go ahead with its second quarter payout to shareholders.
The shares fell 9.3% in London to 355.45p, 45% down from April 20, when the offshore drilling rig exploded. The American depositary shares in New York were down 7% to $US31.60.
Meanwhile, US blue chips slipped late in the session after being up more than 100 points for most of the day.
The Dow Jones Industrial Average finished 20.18 points, or 0.2%, lower at 10,190.89, dragged by a 2% drop in Du Pont.
The Nasdaq Composite Index was up marginally at 2243.96, helped by a 1.4% gain in Apple.
The broader S&P 500 trached the Dow, falling 0.2% to close at 1089.63.
Other markets: Europe, Asia up
European stocks rose as stronger-than-expected euro-zone production data fed hopes of economic recovery, boosting basic materials stocks, commodities and the euro.
The pan-European Stoxx 600 rose 1.2% to 252.54, its fourth consecutive gain to its highest close in a month.
France's CAC-40 gained 2.0% to 3626.04 and Germany's DAX added 1.3% to 6125.00. But the UK's FTSE 100 lagged, rising 0.7% to 5202.13, thanks to continued pressure on BP.
Japanese auto makers and other Asian exporters gained as an improvement in US consumer sentiment provided support.
The Nikkei Stock Average closed up 1.8% to 9879.85 and Korea's Kospi Composite and Hong Kong's Hang Seng Index each ended 0.9% higher at 1690.60 and 20,052.91 respectively. Markets in Australia, China and the Philippines were closed for holidays.
Commodities: Oil up, gold down
Crude futures traded near four-week highs on hopes that a strengthening economic recovery would boost demand.
Crude in New York hit a high of $75.99 a barrel, the highest intraday day level since May 13; it hasn't settled above $76 a barrel since May 11.
Light, sweet crude for July delivery traded $US2.16, or 2.9%, higher at $US75.94 a barrel in New York. Brent crude on the ICE futures exchange traded $US1.62, or 2.2% higher at $US75.97.
Gold futures fell, as strength in the euro and equities dented recent haven-seeking. Gold for August delivery in New York was down $US5.70, or 0.5%, to $US1224.50 an ounce.
Currencies: Euro up, yen down
The euro and growth-oriented currencies surged on the back of strong euro-zone economic data that painted a picture of a global economy marching to recovery.
The Australian dollar soared more than 1.8% against the US dollar. The UK pound also got a lift from the better-than-expected euro-zone data and a UK report that cut the government's borrowing forecasts.
The euro was at $USUS1.2094 late on Friday. The dollar was at ¥91.78 from ¥91.68, while the euro was at ¥112.74 from ¥110.87.
The UK pound was at $US1.4780 from $US1.4528.
