Goldman Sachs Stock Rises While Execs Endure Hearing

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Photo: Mario Tama/Getty Images

On a long, dark day for Goldman Sachs, one bright spot: The company’s stock was one of only three out of 79 financial companies that gained in the S&P 500 today, climbing 1.2 percent ($1.75). “It’s the opposite of buy on the rumor sell on the news,” a New York–based trader said. “Everyone knew Goldman would be taken to the woodshed, so it sold off yesterday in anticipation. Now some people are taking their trades off.” Before Lloyd and friends get too excited, though, it should be noted that Goldman Sachs’s stock has fallen 16 percent since the April 16 suit came down. But hey, considering the fact these guys are still fielding questions from confused senators ten hours later, they’ll probably take whatever they can get today.

Goldman Sachs Gains as Senate Hearing Questions Executives [Bloomberg Businessweek]