DJIA: IMF Needs $600B, Goldman Sachs Profit Falls 56%, Yahoo Co-Founder Quits
Marisa Krystian | Jan 18, 2012 10:53am EST | 1min:53sec
Stocks rose on Wednesday after sources said the International Monetary Fund wants to boost its lending facility as the Eurozone battles a long-running debt crisis and after earnings from Goldman Sachs.
According to reports, the IMF needs to raise up to $600 billion in new funds to lend to countries struggling with the fallout from the debt crisis.
In banking news... Goldman Sachs Group Inc's fourth-quarter profit fell 56 percent as trading and investment banking revenue plunged, but the bank managed to beat analysts' expectations, which had dropped considerably in recent weeks.
Wall Street's biggest bank by assets earned $978 million, or $1.84 per share, down from $2.2 billion, or $3.79 per share, a year earlier.
In company news... Yahoo Inc co-founder Jerry Yang has quit the company he started in 1995, appeasing shareholders who had blasted the Internet pioneer for pursuing an ineffective personal vision and impeding investment deals that could have transformed the struggling company.
Yang's abrupt departure comes two weeks after Yahoo appointed Scott Thompson its new CEO.
