NEW YORK (AP) — Goldman Sachs Group Inc. reported a third-quarter loss of $428 million Tuesday as revenue from underwriting stocks and bonds plunged. It was only the second quarterly loss for the investment bank since it went public 12 years ago.
Investors were unfazed by the loss, which had been widely expected due to the turmoil in financial markets this summer. Goldman's stock rose 0.9 percent to $97.72 in early trading.
UBS analyst Brennan Hawken said the stock, which had fallen from about $128 since second-quarter earnings were reported three months ago, had already priced in the impact of the dismal third-quarter results.
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