Stocks up at opening as Goldman beats forecasts
Stocks rose at opening this morning as first-quarter earnings at Wall Street megabank Goldman Sachs, facing an SEC fraud charge, well surpassed expectations.
In the first 30 minutes of trading, the Dow is up two-tenths of 1 percent.
The broader S&P 500 is up half of 1 percent and the tech-heavy Nasdaq is up nearly half of 1 percent.
Goldman earned $3.3 billion in the first quarter of this year, leaving its investment bank rivals in the dust, almost doubling the Street's expectations for earnings.
The SEC is charging Goldman and one of its traders with fraud for allegedly selling an investment that was designed to fail. The SEC says Goldman did not disclose the nature of the investment to potential investors.
Goldman co-general counsel Greg Palm said during an earnings call this morning that the bank "would never intentionally mislead anyone."
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April 20, 2010; 10:04 AM ET
Categories: The Ticker , Wall Street | Tags: Allegedly Unethical Firms, Business, Fraud, Goldman Sachs, Investing, Investment Banks, SEC, Wall Street
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