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New York (CNN Business)The US stock market stands 4% higher today compared to a year ago, despite the death and destruction unleashed by the coronavirus pandemic.
Although more than 80,000 Americans have died and over 33 million have lost jobs, Wall Street has swiftly recovered from the initial shock delivered by the health crisis. The S&P 500 has spiked 31% since the March 23 lows.
The rapid recovery on Wall Street has lifted market valuations into ultra-rich territory. ....
Even Goldman Sachs, which is bullish on stocks in the long run, is warning clients to brace for a bumpy ride this summer. The investment bank expects the S&P 500 will plunge back to 2,400 over the next three months, representing a potential decline of 18%.
"Concerns exist that we believe, and our client discussions confirm, investors are dismissing," David Kostin, chief US equity strategist at Goldman Sachs, wrote in a recent note to clients.
He cited a laundry list of major risks that investors have largely shrugged off this spring, including rising tensions between the United States and China and "stretched" market valuations.
The biggest risk, of course, is the virus itself...."
edition.cnn.com/2020/05/12/investing/...dman-sachs/index.html
Although more than 80,000 Americans have died and over 33 million have lost jobs, Wall Street has swiftly recovered from the initial shock delivered by the health crisis. The S&P 500 has spiked 31% since the March 23 lows.
The rapid recovery on Wall Street has lifted market valuations into ultra-rich territory. ....
Even Goldman Sachs, which is bullish on stocks in the long run, is warning clients to brace for a bumpy ride this summer. The investment bank expects the S&P 500 will plunge back to 2,400 over the next three months, representing a potential decline of 18%.
"Concerns exist that we believe, and our client discussions confirm, investors are dismissing," David Kostin, chief US equity strategist at Goldman Sachs, wrote in a recent note to clients.
He cited a laundry list of major risks that investors have largely shrugged off this spring, including rising tensions between the United States and China and "stretched" market valuations.
The biggest risk, of course, is the virus itself...."
edition.cnn.com/2020/05/12/investing/...dman-sachs/index.html
