Goldman Sachs is looking past some of the near-term volatility in markets and thinks the stars are aligning for stocks through year-end and beyond. The bank raised its 2024 S & P 500 target to 6,000 from 5,600. That's tied with Evercore ISI for the second-highest estimate on the Street, according to CNBC Pro's Market Strategy Survey . It also implies upside of 4.3% from Friday's close. Goldman also raised its 12-month S & P 500 target to 6,300 from 6,000.
The major averages struggled for most of last week, as investors weighed the size of future rate cuts from the Federal Reserve. After the release of a much stronger-than-expected September jobs report on Friday, traders have removed the possibility of another half percentage point rate cut. They now see an 87% chance of a quarter-point reduction, according to the CME Group's FedWatch tool. The S & P 500 is in the red for October so far.
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