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Goldman Sachs ups S&P 500 forecast but cuts earnings outlook

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Goldman Sachs raised its 2019 year-end price target for the U.S. benchmark S&P 500 index by 3% to 3,100 points on Tuesday.

index by 3% to 3,100 points on Tuesday, but revised down its earnings estimates, citing weakness in economic activity and margin outlook.

But despite the earnings squeeze it's still positive on a further rise for stock markets. The new price target for the S&P 500 implies a 24% full-year gain for 2019. It also set a 2020 year-end price target of 3,400, a 10% rise from the 2019 target.

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