Tuesday, April 20, 2010
Banking Shares Lift Wall Street
Goldman Sachs experienced a 91% increase in profits in the first quarter, which exceeded expectations. However, they are being accused of fraud which caused a decrease in shares by 13% as of Friday. On the bright side, this helped bring optimism to consumers about big banks. Also, bank stocks increased, for example, Citigroup increase by 1.8%, Bank of America increased by 1.2%, and JP Morgan Chase increased by 1.1%. The price of oil rose by $2 which caused an increase in shares of oil producers as well. Investors are trying to push the rally to a 14 month but they will need more than just strong earning to do so .
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It seems as though this may be something positive for the economy. In 'normal' times if the price of oil went up people would pessimistic but in these times it shows that the economy is progressing.
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