Goldman Sachs: Two factors will keep the stock market stuck right here through the end of the year

Government policy uncertainty and a poor earnings outlook will keep the stock market from rallying any further this year, according to Goldman Sachs.

Kostin said more than 90% of the index's rally since January has been driven by valuation expansion as the forward price to earnings multiple climbed from 14 times to 17 times. "Although our rates strategists forecast the 10-year US Treasury yield will fall to 1.75% by year-end, we expect lingering policy uncertainty and negative revisions to 2020 EPS will limit equity upside," said Goldman Sachs' chief U.S. equity strategist David Kostin.

Previsión de GoldmanSachs para lo que resta de 2019

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