Buffet comments help propel share prices, John Apruzzese tells Associated Press

May 3, 2010

Investors in U.S. stocks were encouraged by Warren Buffet's support of Goldman Sachs, said Evercore Wealth Management portfolio manager John Apruzzese in an interview with Associated Press.

Shares of Goldman Sachs rose $3.35, or 2.3 percent, to $148.55 after Buffett said over the weekend that he doesn't think the investment bank committed fraud. The SEC has accused the company of wrongdoing in a deal involving mortgage securities deals it set up.

"It is significant that Buffett came out pretty strongly in favor of Goldman Sachs," said Apruzzese. He said some observers will dismiss the defense because Buffett owns shares in Goldman. Still, Buffett is a powerful voice for investors.

"Given his reputation, I think that was helpful," Apruzzese said.