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Late stock rally on Goldman settlement expectation

Late stock rally on Goldman settlement expectation

U.S. stocks have had a late-day turnaround on expectations that Goldman Sachs is settling civil fraud charges.
The Securities and Exchange Commission has scheduled a late-afternoon announcement. The belief on trading desks was that the government and Goldman are settling charges that grew out of the sale of securities based on risky mortgages. Those charges were announced on April 16.
Goldman stock was trading at about $140 a share in late afternoon when word of the announcement came. The stock then shot up to close above $145.
The Dow Jones industrial average, down nearly 100 points, came back to close down just 7 at 10,359. The Standard & Poor's 500 index rose 1 to 1,096, while the Nasdaq composite index fell less than a point to 2,249.
Losing stocks were slightly ahead of gainers on the New York Stock Exchange, where volume came to 1.1 billion shares.


Updated : 2021-05-06 16:05 GMT+08:00