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Goldman shares rise on false SEC settlement rumor

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"Goldman Sachs Group Inc shares rose as much as 5.4 percent on Friday morning on rumors of a possible settlement with U.S. regulators and a feeling that the stock could be oversold. The SEC has accused Goldman of creating and marketing a debt product linked to subprime mortgages without telling investors that a prominent hedge fund helped choose the underlying securities and was betting against them. Market sources confirmed that the early jump in Goldman shares -- following Thursday's slump in U.S. stocks -- was based on rumors that the bank might be close to a settlement with the U.S. Securities and Exchange Commission and because the stock is oversold."
SOURCE:   Reuters