NEW YORK (AP) -- Shares of Goldman Sachs Group Inc. rose Thursday, along with the broader market and despite an analyst cutting her price target and earnings estimates for the investment bank.Goldman Sachs shares rose $6.35, or 4.1 percent, to $161.83 as the financial services sector and broader market were boosted by better-than-expected growth in the nation's gross domestic product and a drop in jobless claims.
The gains came despite Keefe, Bruyette & Woods Inc. analyst Lauren Smith cutting her fiscal third quarter, 2008 and 2009 earnings estimates for the bank. Goldman Sachs fiscal third quarter ends Aug. 31.
Smith slashed her quarterly earnings estimate to $2.17 per share from $4 per share. She cut her full-year fiscal 2008 estimate to $14.35 per share from $16.56 per share and lowered her 2009 earnings estimate to $19.10 per share from $21 per share.
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