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Goldman stock surges in first trading

Published on .

NEW YORK--Goldman Sachs & Co. stock rose as much as 46% on its first day of trading, giving the 130-year-old investment bank a bigger market value than Merrill Lynch & Co. Goldman rose as much as $24.25 to $77.25. The firm yesterday sold 69 million shares at $53 each, raising $3.66 billion. Demand for the 14.8% stake exceeded the number of shares offered by at least 10 times. Since most shares went to Goldman institutional clients and some of its wealthiest private investors, the stock was expected to rise on buying by investors who weren't able to get shares yesterday, and those who wanted to add to their holdings. (From Crain's New York Business.)
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