BP Settles Oil Spill Claims for $18.7 Billion; Stocks Turn Lower on Soft Jobs Numbers

Stocks turned negative on the heels of soft June jobs numbers. The economy added 223,000 jobs in June, largely in line with expectations. However, wages showed no growth during the month and rose just 2 percent over the year. The unemployment rate now stands at 5.3 percent, compared to 5.5 percent in May, as people continue to give up looking for work. Investors were also grappling with developments out of Greece, as negotiations with its creditors remain on-hold, at least until after Sunday's referendum where citizens vote on whether to accept or reject austerity measures as Greece's creditors demanded reform. A "no" vote is likely to increase chances of a 'Grexit.' Meanwhile, oil giant BP (BP) will settle claims stemming from its 2010 Deepwater Horizon oil spill to the tune of $18.7 billion, set to be paid over 18 years. Shares of BP are up about 5 percent. TheStreet’s Scott Gamm has details from New York.