Wednesday, June 11, 2008

Another Trip To The Confessional?

Worries for Goldy:

NEW YORK (Reuters) - The Standard & Poor's 500 financial sector <.GSPF> sank to a five-year low on Wednesday, led by declines in investment bank shares on a rumor that Goldman Sachs would report large writedowns when it reports quarterly figures next week, market participants said.

"There's been rumors of a large write-off to be announced at Goldman Sachs, which has caused a lot of the financial stocks to swoon a little bit. That's been the major driver, is increased fear of financials," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.