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Investors had divergent reactions to two major asset sales by energy giant BP:

• Tesoro Corp. rose 9.5 percent, the most in the S&P 500 index, after saying it will pay $2.5 billion cash for a California refinery, pipelines, storage terminals and Arco-branded retail outlets in the Southwest. Tesoro’s stock jumped $3.37 to $38.87.

• Eagle Rock Energy Partners fell 2.7 percent after the company agreed to buy two BP gas processing plants in Texas for $227.5 million in cash. The stock fell 24 cents to $8.72.

Among the other big gainers, Sears Holdings Corp. shot up $2.94, or 5.7 percent, to $54.36. The department store chain announced plans to spin off its Hometown and Outlet stores and some hardware stores into a separate, public company.