Goldman Sachs's profit soars and beats estimates

Goldman Sachs Group Inc. reported sharply higher profits for the third quarter, the latest confirmation that, even in a pandemic and a recession, Wall Street can still make money. Goldman reported quarterly profit of $3.62 billion, or $9.68 a share, on revenue of $10.78 billion. Both measures were up from a year ago and better than the expectations of stock analysts, who forecast $1.94 billion in profit, or $5.54 a share, on revenue of $9.38 billion. Worries that the coronavirus would rival 2008 as a threat to the U.S. financial system have subsided for now. Banks' trading fees have surged. Bond investors' appetite has allowed companies that borrowed billions from banks in emergency loans...