Goldman, Morgan Stanley gains approach 10% in week

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Goldman, Morgan Stanley gains approach 10% in week
from MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) -- Goldman Sachs Group Inc and Morgan Stanley , the two Wall Street investment banks, gained more ground on Wednesday and the move higher put their week-to-date rise at almost 10%. While there was no immediate news driving the shares, recent perceived progress on the political effort to avoid the fiscal cliff, as well as Tuesday's better-than-expected earnings report from smaller rival Jefferies and Co. were collateral events. Goldman's seen most of its recent gains come this week, as its 1-month and 3-month percentage performance are just about 1 percentage point apart. Morgan Stanley on the other hand, is up almost 17% in the past month. In the broader market, the Financial Select Sector SPDR ETF , which tracks the financial stocks in the S&P 500 , rose 0.2%. Contrasted with the Morgan Stanley and Goldman Sachs, the ETF is up just 3% for the week, about 7% over the last month, and 3.6% above its level 3 months ago.