Wall Street flat despite Goldman and SEC deal
US stocks ended little changed yesterday, recouping losses late in the day, led by a sudden turnaround in Goldman Sachs and BP.
A jump in BP’s US-listed shares after the company said no oil is leaking from its blown-out well in the Gulf of Mexico boosted the market shortly ahead of the close. BP gained 7.6 per cent to $38.92.
Goldman Sachs’ gains coincided with the Securities and Exchange Commission saying that it would make a “significant announcement” later in the afternoon.
The announcement prompted speculation the SEC was going to settle fraud charges with Goldman Sachs.
Shares of Goldman rose 4.4 per cent to $145.22.
The Dow Jones industrial average dipped 7.41 points, or 0.07 per cent, to end at 10,359.31.
The Standard & Poor’s 500 Index added 1.31 points, or 0.12 percent, to 1,096.48.
The Nasdaq Composite Index was off 0.76 of a point, or 0.03 per cent, to 2,249.08.