'Resilient economic growth should lead to modestly higher bond yields while continued earnings growth drives modestly higher equity prices,' Goldman said.
Goldman Sachs believes solid economic growth in the U.S. should continue to support the stock market over the next year, and has provided a basket of "long-duration" stocks that should see outsized moves as a result of lower interest rates. The Wall Street investment bank sees the S & P 500 rising about 6% to 6,000 in the next 12 months from Friday's close of 5,626.02.
Wall Street is counting on lower corporate and consumer borrowing costs to boost earnings growth and stock prices. "The trajectory of growth is a more important driver for stocks than the speed of rate cuts," Kostin said. "The offsetting valuation impact of higher bond yields and better growth expectations imply limited scope for P/E expansion. With multiples flat, EPS growth will lead the S & P 500 modestly higher.
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