BP (And Goldman) Just Saved The Market: Here's What You Need To Know

tony hayward

Note: As it turns out, today’s late day rally had as much to do with BP as it did Goldman Sachs. rumours about Goldman’s settlement pushed things up at the end of the day. Check out the charts showing both surge at the same time here >

JPMorgan’s massive earnings looked set to send markets much higher this morning, but as the day wore on indices dipped. BP’s late day oil leak plug, with caveats, propelled the market upward.

The Scoreboard:

  • Dow down 0.07%
  • S&P 500 up 0.12%
  • NASDAQ down 0.03%

And now, the top stories:

  • The SEC is set to make a major announcement at 4:45 PM EDT. rumours suggest it may be about a settlement with Goldman Sachs. Follow live coverage at Clusterstock >
  • BP claims it has closed the leak in the Gulf of Mexico. This announcement comes after tests began around 3:00 PM EDT today on the new cap. Follow live coverage at Business Insider >
  • Financial regulation has passed the Senate and is now set for the President’s desk. President Obama looks set to sign the bill into law tomorrow, at the earliest. 
  • This morning’s positive unemployment news is nothing to be excited about, according to Deutsche Bank. It may just be a result of skewed seasonal adjustments.
  • Apple and Google both had interest in buying Palm, prior to its sale to HP. Follow Google earnings live with SAI >

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