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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles U.S. Markets Slide After SEC Charges Goldman Sachs With Fraud Email Facebook Digg Twitter Buzz Up! ShareThis April 16, 2010 5:21 p.m. EST Topics: corporate crime, fraud, company information, economy, business and finance, litigation and regulation, crime, law and justice, United States Mitchell Jaworski - AHN News Reporter New York, NY, United States (AHN) - U.S. markets broke their six day winning streak with a bang as stocks took their worst tumble in two months following news the SEC has charged Goldman Sachs with securities fraud. Stocks opened Friday lower as better than expected earnings from Bank of America failed to inspire investors. Additional weakness came into the market shortly after the opening bell when Michigan Sentiment for April came in at 69.5, well below the 75 expected. Selling intensified in the late morning when news hit the SEC charged Goldman Sachs (NYSE: GS) with fraud in regard to collateralized debt obligations (CDOs), the same securities that were a key component to the credit crisis in late 2008. The Dow Jones Industrial average tumbled 126 points or 1.1 percent as 28 of 30 components finished the session lower. Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM), down 5.5 percent and 4.7 percent, respectively, weighed on the Dow most as financial were hit hard all session. The S&P 500 fell 20 points or 1.6 percent, its worst percentage decline in two months. More than 90 percent of stocks in the S&P 500 finished the session lower. All 10 major economic sectors finished Friday lower. Financials weighed most, down 3.8 percent as investment banks and brokers tumbled 9.4 percent on the day. The Nasdaq Composite fell 34 points or 1.4 percent as tech joined the broad-based sell off. The sector also finished the day 1.4 percent lower. In other corporate news, General Electric (NYSE: GE) reported a 32 percent drop in first quarter earnings. The industrial and financial conglomerate said its GE Capital unit posted a profit in th period, but that loan losses still remain high, especially in commercial real estate. On the economic front, housing starts in March hit an annual rate of 626,000, up from 616,000 in February and better than the 610,000 expected. Applications for building permits also jumped more than expected to 685,000, from 637,000 in February. Monday’s market will see the release of March leading indicators. Expectations are for a 1 percent rise. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Kate Hudson Reportedly Got Small Boob Job Mysterious Fireball Lights Up Sky Above Six Midwestern States Steven Seagal’s “Lawman” Reality Show Canceled By Cops Melissa Etheridge And Tammy Etheridge Split After Nine-Year Relationship Hugh Hefner Slams Cheaters Tiger Woods And Jesse James Update: More Flights Delayed In UK Due To Volcanic Ash Kate Hudson Reportedly Got Small Boob Job “American Idol” Judge Kara DioGuardi, Colbie Callait Strip For Allure Magazine Woman Injured From Wii Fit Fall Develops Sexual Arousal Syndrome Update: Britain Extends Suspension Of All Flights Until 1 P.M. Of Friday Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

Other News on Saturday, 17 April 2010
Greece sets stage for possible EU-IMF bailout
India revokes ban on text messages in Kashmir
US-TECH Summary
Goldman charged with fraud
Countries to release anti-piracy text as deal nears
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Panty Raiding MSU Student In Hot Water Over His Thefts of Thongs
US housing construction picks up
Countries to release anti-piracy text as deal nears |
Obama Administration Asks American People To Help Stop Fraud
Kyrgyz president formally resigns after turmoil |
German prosecutors target nine suspects in HP probe
Amid Talk Of Independent Bid, Crist's Campaign Chairman Resigns
Israel warns visitors to leave their iPads at home
SEC Accuses Goldman Sachs Of Fraud On CDOs
Turkey detains mother for newborn's honor killing |
US videogame sales revived in March: NPD Group
U.S. Deputy Secretary Steinberg To Visit India, Bangladesh
Cellphone satnav use surging in Europe
School Paddling Makes Comeback In Texas Town
Russia to put U.S. adoption boy in foster home
Deceased Candidate Elected Mayor In Tennessee
Obama Pledges To Continue Conservation Legacy Of Lincoln, Roosevelts
Pentagon Makes Policy Changes After Fort Hood Inquiry
New Kyrgyz leaders vow to prosecute ex-president
First Black Valedictorian Makes History At Notre Dame
Thai PM gives army chief extended powers
China earthquake toll rises to 1,144
North Korea has brazen record of attacking South
Little progress seen likely in Bhutto case
Taiwan court extends former president's custody
Countries to release anti-piracy text as deal nears |
Afghans blame both US, Taliban for insecurity
China PM in unusual tribute to deposed leader
Grace Kelly's dresses go on show in London
China's Hu speaks of gradual change on currency
Renault exits Indian car alliance with Mahindra
Grace Kelly's dresses go on show in London
Briton chosen world's best sommelier
US-ENTERTAINMENT Summary
Brighter days seen for beaten-down art market
Rio's Christ statue graffitied
Dream vacation spot in Lebanon at enemy's gate
East Timor aims to send teen mums back to school
Historic million dollar jewels headline NY auction |
Brighter days seen for beaten-down art market |
Film festival recalls Cold War Berlin, capital of spies |
Bieber, Elton in Idol Gives Back |
Ahmadinejad wants global body on nuclear disarmament
Fight Al-Qaeda with satire, ridicule: researchers
Volcanic ash grounds Europe flights for third day |
RIM says video is big challenge to networks
Iran hosts nuclear disarmament meet
Huge crowds expected for Poland crash memorial
FCC extends deadline in Comcast-NBC deal
Four dead in Spanish helicopter crash in Haiti: UN
Brazil, Turkey promote diplomatic solution on Iran
Toyota recalling 870,000 minivans in US, Canada
Thai protesters boost security at Bangkok base |
FCC awaits economic data from Comcast, NBCU
Al-Qaeda frees two Italian hostages in Mali: official
New Housing Starts Rise 1.6 Percent In March
Crystal Bowersox Reportedly Almost Quit "American Idol"
Brazil Amazon dam project gets new go-ahead
U.S. Markets Slide After SEC Charges Goldman Sachs With Fraud
North Korea denies it sank South's navy ship |
Google helps online searchers with spelling
LAPD's Top Cop During King Riots Dead At 83 From Cancer
Tibetans cremate dead as quake toll rises |
Senate Blames Lax Government Oversight for Washington Mutual Bank Failure
Bank Of America Q1 Profit Dips, But Tops Views
Mexico bishop says porn, tv to blame for priest abuse |
US, British nationals hurt in deadly Afghan car bombing
U.S. says unclear if Hezbollah took Scuds to Lebanon |
Ice cap thaw may awaken Icelandic volcanoes |
N.Korea denies sinking S.Korea warship
Cambodia, Thai soldiers exchange gunfire at border
Tibetans cremate dead as quake toll rises
China cremates quake dead as hopes of finding survivors fade
North Korea denies it sank South's navy ship
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FCC awaits economic data from Comcast, NBCU |
Sex offender admits killing San Diego County teens
U.S. won't share Ft Hood evidence with Senate-Gates
Google shares slide amid Schmidt speculation |
Pakistan army kills 25 militants in overnight raid
Thai protest leaders to surrender, but the rally goes on
Cambodian, Thai troops clash on border
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Thousands stranded in Asia due to Iceland volcano
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Loud applause and some boos on Domingo's return |
Broken Social Scene returns with Forgiveness |
Harry takes meandering look at masculinity |
Argentine singer Torres takes Different approach |
Iran wins regional support for its nuclear programme
Sudan vote 'failed' to meet global standards
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Iran slams US as 'world's only atomic criminal'
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Bombs kill 38 at centre for displaced in Pakistan |
Iran, at nuclear conference, hits out at bullies |
Bakiyev supporters occupy regional Kyrgyz office |
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Pakistan prosecutor: Americans linked to militants
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