Stocks Rise on Goldman (GS) Q4 Results

Stocks are holding onto gains this morning, buoyed by Goldman Sachs (NYSE: GS), which reported a Q4 loss of $4.97 prior to the market open. While the loss was larger than the Street had been anticipating, investors are feeling optimistic today and buying the stock, which is currently up about 8% to $71.92.

The Dow Jones Industrial Average is currently up 81 points, or 0.94%, to 8,689. The Nasdaq and S&P 500 are marking larger gains than the Dow, however, up 1.95% and 1.4% to 1,538 and 885, respectively. Today's upside move comes in light of weak economic data: CPI came in at down 1.7%, compared to the consensus of down 1.3%, housing starts came in at 625,000, compared to the Street estimate of 736,00, and building permits came in at 616,000, versus the consensus of 700,000.

Financials are mostly higher on the Goldman results: JPMorgan (NYSE: JPM) up 3.7% to $29.70, Wells Fargo (NYSE: WFC) up 3.7% to $27.03, US Bancorp (NYSE: USB) up 3.3% to $24.73, Citigroup (NYSE: C) up 4.1% to $7.70 and Morgan Stanley (NYSE: MS) is up 4.5% to $14.25. The laggards among the group are Bank of America (NYSE: BAC) and Merill Lynch (NYSE: MER), which are both down about 2.4%.

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