NEW YORK (
(GS - Get Report)
continued to climb as broader market indices struggled, making it one of the top performers of the financial sector Wednesday.
rose more than 2%, extending gains from Tuesday's session after the bank's key executives received a scolding from members of Congress during testimony on Capitol Hill. On Tuesday, Goldman shares rose 0.7% while the
Dow Jones Industrial Average
lost nearly 2%.
Goldman Sachs CEO Lloyd Blankfein
and trader Fabrice Tourre were among the witnesses who held their ground when questioned about conflicts in the firm's mortgage-related securities trades, saying they were merely acting as market markers and managing risk.
Lately, Goldman Sachs shares were rising 2.2% to $156.33. By comparison, the Dow and
were up less than 0.5% Wednesday.
American International Group
(AIG - Get Report)
was another winner among financial names Wednesday, rebounding 7.2% one day after an analyst offered negative commentary on the insurer.
tumbled 16% Tuesday after Keefe Bruyette & Woods analyst Cliff Gallant cut the firm's rating on the insurer to underperform from market perform with a $6 price target. Gallant said that under the current ownership and capital structure, he sees little long-term value in the common shares, despite the strength of the underlying franchises.
AIG shares were up $2.69, or 7.2%, to $40.06.
Most major U.S. bank stocks were slightly higher, showing little reaction to word that a Senate vote to bring the Financial Regulation Bill to the floor for debate failed for a third time in as many days due to a lack of support from Republican members.
(JPM - Get Report)
was higher by 2.2% to $43.35,
(C - Get Report)
rose 2.1% to $4.43,
was up 2% to $32.35,
added 1.4% to $30.29, and
Bank of America
(BAC - Get Report)
gained 0.7% to $17.60.
On the earnings front,
reported first-quarter net income of $95 million, or 21 cents a share, rising sharply from a year-ago profit of $31 million, or 8 cents a share. Invesco shares were climbing 4.7% to $21.70.
rose for the first time in six sessions.
was upgraded to buy from hold at Deutsche Bank on Tuesday, although the stock closed lower Tuesday for a five-session loss of 11.5%. Lately, though, SunTrust shares were gaining 4.9% to $29.15.
-- Written by Robert Holmes in Boston
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