Goldman Sachs Fraud Charges Having Widespread Market Implications

The fraud charges today announced by the SEC against Goldman Sachs (NYSE: GS), alleging that the company lied to CDO investors, is having widespread implications today. Below is a run-down:

Bank Stocks: (Worries the fraud was industry wide)

• Goldman Sachs Group Inc. (NYSE: GS) Down 12%
  
• Morgan Stanley (NYSE: MS) Down 5%
  
• Bank of America Corporation (NYSE: BAC) Down 4%
  
• Citigroup, Inc. (NYSE: C) Down 5%
  
• JPMorgan Chase & Co. (NYSE: JPM) Down 3.8%
  
• Wells Fargo & Company (NYSE: WFC) Down 2.6%
  
• Deutsche Bank AG (NYSE: DB) Down 8.8%
  
• Financial Select Sector SPDR (NYSE: XLF) 3.4%

Gold Stocks (Gold bull John Paulson's Paulson & Co was named in the Goldman fraud charges)

• SPDR Gold Shares (NYSE: GLD) Down 2.2%
  
• Market Vectors Gold Miners ETF (NYSE: GDX) Down 3.2%
  
• Anglo Gold (NYSE: AU) Down 4.5%
  
• Kinross gold (NYSE: KGC) Down 3.5%
  
• Gold Fields (NYSE: GFI) Down 4.8%
  
• NovaGold (NYSE: NG) Down 4.3%
  
• Goldcorp Inc. (GG) Down 3.6%

Mortgage and Credit Insurance Stocks (Speculation the companies could benefit by bringing fraud charges against Goldman or others)

• MBIA Inc. (NYSE: MBI) +5%
  
• AIG (NYSE: AIG) Down 0.7%
  
• PMI Group Inc. (NYSE: PMI) Flat
  
• MGIC Investment Corp. (NYSE: MTG) Down 2%

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