The Goldman Sachs (GS) SEC charges are rocking markets today. Goldman closed at $160.70, down $23.57 or 12.79%.
DJIA: Down 124 points to 11,019.
NASDAQ: Down 34 points to 2481.
S&P 500: Down 19 points to 1192.
- Oil: Down 2.7% or $2.37 to $83.14 a barrel.
- Gold (GLD): Down 1.9% or $22.80 to $1137.50 an ounce.
- Silver (SLV): Down 3.9% or $0.72 to $17.71 an ounce.
Now here’s what you need to know as you leave work today:
- Goldman Sachs (GS) and their Vice President Fabrice Tourre have been charged with misleading clients by the SEC. Follow our ongoing coverage here.
- The fallout from Goldman is beginning to effect the financial reform debate in Washington. President Barack Obama has now refused to sign any bill that does not include provisions to control the derivatives market.
- Warren Buffet has been revealed as a big loser in the Goldman Sachs fallout, according to Bloomberg. Movements in the stock today have reduced the value of his options by $950 million.
- Bank of America (BAC) announced impressive earnings today, beating first quarter estimates. This was partly based on the company reducing its loan loss provisions and also a product of the improving economy.
- The Icelandic volcano eruption continues its European travel scourge halting flights in the British Isles and Northern Europe. Ryanair has canceled flights until midday Monday.
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