This appears to be a textbook case of selling the news.
After several days of rallying, particularly concentrated in the financial sectors, stocks sell off hard today despite the huge quarter at Goldman Sachs (GS). Goldman itself timed the trade perfectly, raising $5 billion more at $123 — the closed at $115. That means today’s Goldman buyers are already down 6.5%.
Other banks were down by between 8-11%.
Meanwhile, the Dow fell 137, closing below 8,000 again.
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