Economics
Goldman Sachs Cuts S&P 500 Earnings Estimate on Economy, Dollar
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Slower economic growth, a stronger U.S. dollar and a collapse in earnings at energy producers spurred Goldman Sachs Group Inc. to cut its estimate for U.S. profits by 6.6 percent.
The New York-based firm now sees 2015 earnings by Standard & Poor’s 500 Index companies at $114 a share, after predicting $122 in October. Goldman Sachs maintained its forecast for the benchmark gauge ending the year at 2,100, up 1.8 percent from Tuesday’s close, according to a note dated June 30.