Citation :
Goldman Sachs Group has an unpleasant answer: not yet. The firm’s U.S. chief equity strategist, David Kostin, says the S&P 500 will likely head back down by almost 10% in the next three months to 2,450. And if the economic fallout from the spreading coronavirus deepens, the rout can take stocks down another 26% from Friday’s close to 2,000. That’s 20% lower than the bottom he called just last week. Kostin did deliver a measure of hope, reiterating his stance that V-shaped recoveries in stocks usually follow “event-driven” bear markets. He expects the S&P 500 to end 2020 at 3,200 -- a 60% rally from 2,000.
|