m**k
发帖数: 1503 | 1 Goldman Sachs Says Trump Win Doesn’t Mean Too Much for S&P 500
As markets digest Donald Trump’s victory, one prominent Wall Street
prognosticator is keeping his year-end S&P 500 Index target unchanged.
Start your day with what’s moving markets.
Get our markets daily newsletter.
Enter your email
Sign Up
David Kostin, chief U.S. equity strategist at Goldman Sachs Group Inc., sees
the benchmark gauge ending 2016 at 2,100, just 1.8 percent below Tuesday’s
close and less than half a percent from where futures indicate the index
will open on Wednesday. His forecast, tied for second most-bearish in a
Bloomberg strategist survey, envisions limited fallout from a Trump
presidency and says stocks are likely to resume their ascent in coming years.
David Kostin
David Kostin Photographer: Scott Eells/Bloomberg
U.S. stock-index futures trimmed more than half their declines spurred by
Trump’s surprise presidential election win, as speculation the Republican
will pursue business-friendly policies offset some of the broader
uncertainty surrounding his ascent. December contracts on the S&P 500 lost 1
.4 percent at 8:53 a.m. in New York, after earlier sliding as much as 5
percent as investors rushed to price in the election win.
“We expect the equity market response to the election result will be
limited,” Kostin wrote in a client note on Wednesday. “The U.S. economy
has been expanding for seven years and continues to grow at a subdued pace.
We expect the U.S. stock market will climb slowly during the next few years
in line with earnings growth.”
Another strategist, Tom Lee of Fundstrat Global Advisors, predicted the S&P
500 will rally about 7 percent from where it’s poised to open Wednesday
through the end of the year. Lee cut his year-end forecast by 100 points to
2,225 but said the Republican sweep of Congress and the executive branch
should benefit economic growth and prevent the Federal Reserve from
tightening.
“Unpopular presidents do not equate to bad economic and stock market
outcomes,” Lee wrote in a note to clients Wednesday. “This is restoring
some ballast to the political system. The Fed is likely on hold in December
and USD weakening is easing financial conditions. Both should be perceived
as short-term positives by investors.”
The S&P 500 closed Tuesday 1.4 percent below the 2,171 level that is the
average estimate of analysts in Bloomberg survey. |
|
