Goldman Sachs Promises Greater Transparency
Goldman Sachs is promising to be more transparent about how it makes its billions, after criticism that the investment bank put its own interests ahead of its clients. Goldman said it will give investors a deeper look into its financials, including how much revenue its trading desk generates, starting with third quarter results that will be released next week. Last summer, Goldman paid $550 million to settle an SEC lawsuit that accused the firm of creating and selling an investment that was designed to fail.
EU Works on New Bailout Fund
The prime minister of Portugal insists his country will not need a bailout, the way Greece and Ireland did, and will not seek one. Meanwhile, in Brussels, European Union officials continued their work on plans for a new bailout fund.
Stocks gained ground, spurred on by strong financial reports from Alcoa and Sears, which are forecasting higher revenues this year. The Dow added 34 points, to close at 11,672. The Nasdaq closed at 2,717, up nine points, and the S&P 500 tacked on five points, ending the day at 1,274.
Verizon and Apple Team Up
Verizon Wireless made the long-awaited announcement that it will start selling a version of Apple's iPhone 4 early next month, giving iPhone buyers a choice of carriers for the first time. In a dark auditorium at Lincoln Center, the CEO of Verizon Wireless, Dan Mead, said the network is prepared for a surge in users. "We're ready for this launch," he told the audience.
Tim Cook, chief operating officer at Apple, suggested he's happy the "Verizon question" has finally been resolved. "The number one question I've gotten, despite selling tens of millions of iPhones and having customers download billions of apps," he said, "is 'when will the iPhone work on the Verizon network?'"