Goldman Gains $549M as Execs Are Grilled

Goldman Sachs gained $549 million in value as its executives were grilled for 10 hours yesterday in a Senate hearing. The firm's shares closed up 1.2% after the day's trading on the New York Stock Exchange while most other stocks tumbled, BusinessWeek reports. Some analysts believe the rise reflects public perception that Goldman gained the upper hand during questioning. Others believe investors are taking advantage of lower stock prices while Goldman is on the ropes.

"The case is not going to hurt Goldman’s earnings,” said one analyst. “It is going to give them a black eye which will go away in a week. Now bargain hunters are coming in because the stock is cheap based on earnings, based on what they can earn and will earn." (More Goldman Sachs stories.)