Goldman Sachs Higher On Anticipation Of Dodd-Frank Reform

Goldman Sachs Group Inc GS shares are trading higher by $9.70 at $240.11 in Friday's session.

The rally is taking place on anticipation that President Trump will sign an executive order to scale back the 2010 Dodd-Frank law, which many believe has inhibited profits in the banking and investment banking sector.

The issue, which reported a solid Q4 beat on January 18, was in the red for the week by $6.54 with its closing price of $230.41 on Thursday, is now in the green by nearly $4.00.

After a higher open, it retreated only $0.32 to $234.20 before resuming its move higher. It has continued to make new highs for the session with $240.86 being the current high. Based on the daily charts, there may not be any resistance until its January 17 high of $243.06.

The last time the issue closed over $240.00 was the day prior to its Q4 report, when it ended its January 13 session at $244.30.