NEW YORK - July 20, 2010 - Goldman Sachs had an 83% drop in second-quarter net income but still got a vote of confidence from investors.

Goldman Sachs Group Inc. said Tuesday its earnings fell to $453 million as trading revenue dropped during a dismal spring for the financial markets. The bank also booked a $550 million charge for its settlement of civil fraud charges with the Securities and Exchange Commission and took a $600 million charge because of a new tax on employee bonuses in Britain.

Investors initially sold Goldman's stock after its earnings were released, but they had a change of heart as the trading day wore on. Analysts said investors focused on the fact that Goldman is still the top player on Wall Street and will remain so in the future when the markets recover from their current slump.

"These guys are the best of breed," said John Jay, a senior analyst at Aite Group. "Their relationships are still in place. In the end, this is just a temporary swoon."