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Goldman Sachs changes its mind and now says that Wall Street has made ground

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Goldman Sachs has changed his mind and is now more positive about the evolution of Wall street. After anticipating in mid-March that it did not rule out additional falls in S&P 500 up to 2,000 pointsNow its central scenario is that the March lows (2,191 points) are the floor of the current bear market.

And all this due to the "unconditional support" of the political leaders, both of the American Congress and the Trump Administration and also of the central bank of the Federal Reserve (Fed).

The team of strategists led by David Kostin values ​​that a combination of unprecedented political support and a flattened viral curve from Covid-19 have reduced "dramatically" risks to both the markets and the US economy.

Therefore, they add that if the US does not have a second spike in infections after the economy reopens, Stock markets unlikely to hit new lows. "The Fed and Congress have ruled out the possibility of a complete economic collapse," these experts have noted. "His measurements mean that our previous short-term forecast of 2,000 points is no longer likely"for the S&P 500, they added.

In his opinion, the market has already discounted that the first quarter business results season will be a disaster. "Despite the constant stream of weak earnings reports, Q1 earnings season won't represent a major negative catalyst for the stock market. Our end-of-year goal for the S&P 500 remains 3,000 points"they have concluded.

Finally, we must not forget that the S&P 500 has rebounded 28% from the lows of March to its maximum of last Friday at 2,815 integers, after starring in a 30% crash in just three weeks from its all-time high in February at 3,393 points. Market movements are so fast that they force prestigious firms like Goldman to change their forecasts.

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