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Goldman Sachs: Financial Winners & Losers

Goldman Sachs shares continued to rise, one day after the bank's top executives faced scrutiny from Congress.



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Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

continued to climb as broader market indices struggled, making it one of the top performers of the financial sector Wednesday.

Goldman Sachs

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%.

On Tuesday,

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

S&P 500

were up less than 0.5% Wednesday.

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American International Group

(AIG) - Get American International Group, Inc. Report

was another winner among financial names Wednesday, rebounding 7.2% one day after an analyst offered negative commentary on the insurer.

AIG shares

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.

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. Report

was higher by 2.2% to $43.35,


(C) - Get Citigroup Inc. Report

rose 2.1% to $4.43,

Wells Fargo

(WFC) - Get Wells Fargo & Company Report

was up 2% to $32.35,

Morgan Stanley

(MS) - Get Morgan Stanley Report

added 1.4% to $30.29, and

Bank of America

(BAC) - Get Bank of America Corp Report

gained 0.7% to $17.60.

On the earnings front,


(IVZ) - Get Invesco Ltd. Report

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.


SunTrust Banks

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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