Shares of Goldman Sachs Group Inc. GS, -3.10% sank $13.43, or 3.9% in morning trading Monday, enough to pace the 28-of-30 Dow Jones Industrial Average DJIA, -1.66% components that were losing ground, and putting them on track to close at a nine-month low. The stock’s price decline was shaving about 89 points off the Dow’s price, while the Dow was down 589 points, or 1.7%. Goldman’s stock, which has tumbled 13.3% since the bank and broker reported disappointing fourth-quarter results before the Jan. 18 open, has now plunged 22.1% since it closed at a record $423.89 on Nov. 2. Many on Wall Street define a bear market as a decline of 20% or more from a bull-market peak. On that basis, a close at or below $339.08 would confirm a bear market.
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