Goldman Buyback Desk Was Flooded With Orders During Stock Rout
- Corporate demand serves as one reliable source of support
- With CEO confidence falling, Morgan Stanley voices concern
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While hedge funds were busy bailing from stocks at a record pace as the S&P 500 plunged into a bear market, Corporate America was furiously buying.
As the benchmark index notched successive drops of more than 2.9% on Friday and Monday, Goldman Sachs Group Inc.’s unit that executes share buybacks for clients saw volume spiking to 2.8 times last year’s daily average on the first day and more than triple the average on the second. Each session ranked as the firm’s busiest of this year.