Updated to reflect call and e-mail to Execution Noble on Friday, heightened volume in Goldman's stock on Thursday. NEW YORK ( TheStreet ) -- What if the cost of a Goldman Sachs ( GS ) settlement is significantly higher than analysts have been projecting? Those fears, sparked by a Financial Times report that the Securities and Exchange Commission had stepped up its inquiries into a second security that was not part of the civil fraud charges the SEC brought against Goldman in April, appear to be the reason Goldman shares fell while the broader market rallied on Thursday. Goldman finished the day down 2.21%, while Morgan Stanley ( MS ) shares rose 1.83%, Citigroup ( C ) was up 0.78%, JPMorgan Chase ( JPM ) jumped 3.15% and Bank of America ( BAC ) was up 3%. Execution Noble, a London-based international firm that executes trades on behalf of select large and influential investors, raised the question of a higher-than-expected settlement in an informal note it sent to clients.