washingtonpost.com - industries
NEW YORK -- Wall Street shot higher Tuesday, lifting the Dow Jones industrials nearly 320 points after reassuring news from Goldman Sachs Group Inc. and Wal-Mart Stores Inc. quelled some of the market's worst fears about the credit crisis and the economy. A plunge in the price of oil gave investors further incentive to buy.
MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) -- Goldman Sachs CEO Lloyd Blankfein said Tuesday that the firm maintains a short position in the subprime mortgage market and will not be taking any significant charges to write off losses on its position. Blankfein, speaking at a financial services conference in New York sponsored by Merrill Lynch, said that the firm remains bearish on the mortgage backed securities market. He added that a new accounting rule regarding the riskiest assets a firm holds would not hurt the company's business. Goldman shares rose 6% in morning trade Tuesday, to $227.57.