US Stocks Go Down Due To Goldman Charges
The US financial shares fell today after federal regulators accusations went out against Goldman Sachs for fraud over some of its dealings during the housing market collapse.
The Securities and Exchange Commission or SEC says that it was looking into a wide range of practices related to the subprime mortgage crisis, prompting fears that the investigation could broaden.
Financial companies took the biggest hit on the Standard & Poor’s 500 index, with the S&P 500 financial sector index down 3 percent in afternoon trading.
The decline was spread across all sectors of the industry. Shares of Goldman Sachs, which is based in New York, sank about 12 percent.