Goldman surprises, but investors remain wary

Earnings for the three months to March 31 beat analyst expectations, but December write-offs and a $5 billion capital-raising turn sentiment bearish.

Goldman Sachs kicked off the US earnings season with a bag of surprises after the US market closed on Monday. The earnings for the first quarter of 2009, released a day earlier than scheduled, were significantly better than consensus estimates, driven by gains in fixed income and commodities trading. And the simultaneously announced $5 billion public offering of common stock to repay bailout funding it received last year initially received a positive nod from the market.

However, the...

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