Strategists at Goldman Sachs on Wednesday sharply cut their expectations for earnings growth this year, saying it will lead to the end of the bull market for the S&P 500, which began more than a decade ago. A plunge in crude prices has wiped out profits for energy companies, while record-low Treasury yields are squeezing the financial sector. Strategists say S&P 500 earnings per share could fall enough to drag the index down to 2,450 in the middle of the year. Goldman Sachs, though, also says it expects the drawdown to be short, with earnings rebounding later in the year as the pain from the coronavirus wanes. It says the S&P 500 could climb back to 3,200 by the end of the year.-AP

Source: The Standard March 12, 2020 03:11 UTC