T Rowe Price Group Stock News

Major U.S. equities indexes advanced on Thursday as a report showed a month-over-month decline in private-sector hiring in August. The latest signal of a cooling labor market came a day before the release of the August jobs report by the Bureau of Labor Statistics.

The agreement aims to give Goldman a bigger foothold in 401(k)s amid private-market push, and help T. Rowe stem fund outflows.

T. Rowe Price (TROW) shares surged nearly 6% Thursday as the investment manager teamed up with financial giant Goldman Sachs (GS) to offer clients public-private investment solutions.

U.S. equities rose at midday as a weaker-than-expected increase in private-sector hiring boosted optimism of a Federal Reserve rate cut later this month. The Dow Jones Industrial Average, S&P 500, and Nasdaq all gained.

Goldman Sachs and T. Rowe Price are teaming up to offering wealth and retirement clients more investment options from the world of private markets.

T Rowe Price Group Inc (NASDAQ:TROW, ETR:TR1) shares moved up about 7% in early trading on Thursday after Goldman Sachs Group Inc (NYSE:GS, ETR:GOS) said it plans to acquire up to $1 billion in T. Rowe Price stock, with the goal of accumulating a 3.5% stake in the global asset management company.

T. Rowe Price Group shares surged Thursday after the Baltimore-based asset manager announced a $1 billion deal with Goldman Sachs aimed at expanding access to private-market products for retail investors. The agreement marks a significant step for the company, which has struggled with outflows and lagging returns in recent years.

Goldman will buy up to $1 billion in T. Rowe Price common stock through open-market purchases with the intention to own up to 3.5%.