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U.S. markets recover from steep losses
NEW YORK, Sept. 24 (UPI) -- Warren Buffett, one of the world's richest men, made a long-awaited investment in a U.S. financial firm Tuesday, boosting investor confidence, analysts said.
Buffett plunked down $5 billion for premier shares of Goldman Sachs, the prestigious firm and former investment bank that recently filed to change its status to a holding company, The New York Times reported.
Throughout a year of financial distress on Wall Street, investors, many of whom follow Buffett's lead, have been waiting to see when Buffett will make a major play for a domestic bank, the Times reported.
With Tuesday's purchase, "Buffett's saying he's confident," Brad Hintz, an analyst at Sanford C. Bernstein & Co. told the Times.
In a statement, Buffett called Goldman Sachs, "an unrivaled global franchise."
Goldman's Chief Executive Officer Lloyd Blankfein called the investment "strong validation of our client franchise and future prospects."
Goldman share value jumped from $125.05 to $134.75 late Tuesday after the investment was announced, the Times said.
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