BP stock falls after surge

Shares of BP fell on Friday after surging a day earlier, when investors bid up the stock in the belief the company would succeed in capping the leaking underwater oil well in the Gulf of Mexico.

BP stock jumped more than seven per cent Thursday, as the company moved to cap the leak that has cost it billions to fix and much more in market capitalization.

In New York trading on Friday, stock prices fell 4.7 per cent after announcing the successful cap Thursday evening. The price ended the Friday session at $37.10 US, down $1.82.

It closed Thursday up $2.74 at $38.92 US. And despite the loss Friday, BP's share price is still up just over $3 on the week

BP shares have closed between a low of $27.02 and a high of $62.38 in the past year. The low was hit on June 25, and since then the stock has moved up sharply.