The simultaneous movement of BP and Goldman Sachs brought the Dow into positive territory during the day.
A 4:45pm ET press conference from the SEC's Division of Enforcement on a major announcement has moved GS from $140 to $146. Mike Mayo at CLSA said, "once a bank law is passed, all directions point to a settlement by the end of the year and possibly by as early as next week when Goldman reports earnings."
Mayo also noted that "If and when a settlement is reached, the pool of potential investors in Goldman stock will get expanded since many that we have spoken with are prohibited from owning Goldman stock when there is a threat of criminal action."
The announcement that BP has started the Well Integrity Test at 3:25pm ET, and indications that oil may have stopped flowing, not only moved BP from about $37 to $39, it also cause Transocean to move about 6 percent, from $52 to almost $55.
More:
- Goldman Sachs Will Settle Fraud Case for $550 Million
- BP Shares Surge After Cap Stops Oil Flowing into Gulf
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