Bloomberg reports that Goldman Sachs Group sold $10.5 billion worth of stocks in block trades on Friday.
The spree block trade erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media conglomerates.
Most market analysts were stunned by the size of the record $10.5 bn block deals. Many remain uncertain ahead as questions on reason remain unanswered. With the identity of the main seller unknown Wall Street traders expressed concern and were quoted as saying " we don’t have all the answers on whether this was the liquidation of just one fund or more than a fund, or whether it was a fund liquidation to begin with and the reason behind it,"