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Home News

Goldman Sachs Leads Dow Jones Surge

by Myfxtools
January 22, 2024
in News
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Goldman Sachs Group Inc. (GS) took the lead in the Dow Jones Industrial Average’s surge on Monday morning, reflecting Wall Street’s optimistic stance on stocks.

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Goldman Sachs stock soared by as much as 2.4% to reach $391.50, setting it on track for its highest closing price since January 11 when it ended at $403.05 per share (according to Dow Jones Market Data).

This increase also marks the stock’s largest percentage jump since December 14, when it rose by 5.72%. In the past two days alone, it has gained an impressive 3.87%.

Year-to-date, the stock has risen by 1.49% in 2024, outperforming the Dow Jones Industrial Average’s modest 0.9% climb.

Despite these gains, the stock remains about 7.63% below its all-time closing high of $423.85 on November 2, 2021.

Positive Fourth-Quarter Results Drive Momentum

Goldman Sachs’ ascent is bolstered by their announcement of a 58% climb in fourth-quarter profit, surpassing analyst expectations.

Bank executives have been discussing their anticipation for an increase in deal-making activity following a period of multi-year lows.

Additionally, the IPO market is showing signs of gaining momentum in 2024, with several notable deals preparing for their debut. Notably, Finnish sports-brand company Amer Sports has set its estimated price range, and BrightSpring Health Services Inc. is gearing up for its inaugural offering this week.

It is worth mentioning that Goldman Sachs serves as an underwriter for both of these IPOs.

Market Snapshot and Outlook

On Monday, the Dow Jones Industrial Average surged by 157 points or around 1.1%.

The overall positive sentiment in the market builds on the momentum from the previous record finish, as investors anticipate the start of the fourth-quarter earnings season.

Overall, Goldman Sachs stands out as a key player in the ongoing bullish trend, supported by robust performance and expectations for increased deal-making activity.

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Tags: bullish trendDow Jones Industrial Averagefourth-quarter resultsGoldman SachsIPO marketstock market
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