Stock-market bears might need to hibernate for another year, say analysts at Goldman Sachs. Goldman's team say there is unlikely to be a bear market in stocks next year if the U.S. avoids a recession, as the bank's economists expect. 'In the absence of a recession, corporate earnings rarely fall,' they write in a 2024 outlook. A bear market is typically judged to start when the market pulls back 20% or more from a recent high.
Still, Goldman doesn't expect bumper returns from U.S. stocks. It says interest rates are likely to stay high through to the end of 2024. That could take a toll on the U.S. stock market, where valuations remain elevated. Across the Street, one of Morgan Stanley's recommendations for 2024 is to buy Japanese stocks. The bank says strong economic growth and improving corporate governance will add to the market's recent gains.
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