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Goldman Sees Room for S&P to Surpass 3,600

U.S. stocks likely have more upside as they factor in American growth prospects and the Covid-19 vaccine outlook, according to Goldman Sachs Group Inc.

The implied level of the S&P 500 could be above 3,600, strategists Dominic Wilson and Vickie Chang wrote in a note Thursday. That’s if markets move toward Goldman’s “comparatively more optimistic” U.S. growth forecast, and real yields move higher but then further optimism pushes breakeven inflation rates higher without sending nominal yields up significantly, bringing the real yields down, they said. The gauge closed at 3,373.43 on Thursday.