Goldman Gains $549M as Execs Are Grilled

Firm one of few winners as market nosedives
By Rob Quinn,  Newser Staff
Posted Apr 28, 2010 2:28 AM CDT
Updated Apr 28, 2010 5:00 AM CDT
Goldman Gains $549M as Execs Are Grilled
Goldman Sachs CEO Lloyd Blankfein is sworn in yesterday.   (AP Photo/Susan Walsh)

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.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.