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Stocks up at opening as Goldman beats forecasts

Stocks rose at opening this morning as first-quarter earnings at Wall Street megabank Goldman Sachs, facing an SEC fraud charge, well surpassed expectations.

In the first 30 minutes of trading, the Dow is up two-tenths of 1 percent.

The broader S&P 500 is up half of 1 percent and the tech-heavy Nasdaq is up nearly half of 1 percent.

Goldman earned $3.3 billion in the first quarter of this year, leaving its investment bank rivals in the dust, almost doubling the Street's expectations for earnings.

The SEC is charging Goldman and one of its traders with fraud for allegedly selling an investment that was designed to fail. The SEC says Goldman did not disclose the nature of the investment to potential investors.

Goldman co-general counsel Greg Palm said during an earnings call this morning that the bank "would never intentionally mislead anyone."

Follow me on Twitter at @theticker.

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By Frank Ahrens  |  April 20, 2010; 10:04 AM ET
Categories:  The Ticker , Wall Street  | Tags: Allegedly Unethical Firms, Business, Fraud, Goldman Sachs, Investing, Investment Banks, SEC, Wall Street  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Paolo Pellegrini, the man with the $45 million checking account balance at the middle of the Goldman Sachs case
Next: The cast of characters in the Goldman case

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