Financial Stocks Carried Higher In Market Rise; Goldman Sachs Gaining Despite Link to Mistaken Options Orders


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JPM +0.95%

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Financial stocks are mostly higher near the close with the NYSE Financial Sector Index climbing 0.9% and the S&P Financial 100 Index advancing about 1.1%.

In company news, The Goldman Sachs Group Inc. ( GS ) is up 0.7% at $159.74 a share in late trade, holding near its best levels of the day despite stock-options exchanges today reviewing a wave of mistaken orders tied to the company, with many likely to be canceled, exchange officials told the Wall Street Journal.

A technical problem at GS unleashed orders that pushed some stock-options prices to $1 just after the market opened Tuesday, forcing exchanges to review the trades and potentially cancel many of them, people familiar with the matter said. The erroneous orders, placed for options on securities with ticker symbols beginning with the letters H through L.

"The exchanges are working to resolve the issue," GS said in a statement. "Neither the risk nor the potential loss is material to the financial condition of the firm."

In other sector news,

(+) PAYX, Electronic payments company further expands into Latin America through a new joint venture with Semco Partners, a Brazilian portfolio management company.

(+) FXCM, Currency brokerage reportedly in discussions with Infinium Capital Management LLC about a possible investment into the struggling high-frequency trading firm, according to the Wall Street Journal, citing people close to the talks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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