Goldman’s Trading Desk Sees S&P 500 Reaching 6,270 by Year-End
- Returns for S&P 500 from mid-Oct. until year-end can top 7%
- Rubner says rally forces institutional investors to buy stocks
Goldman Sachs signage on the floor of the New York Stock Exchange.
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The S&P 500 has already set 46 closing records this year, and according to the trading desk at Goldman Sachs Group Inc., that rally is primed to extend into the final months of 2024.
Scott Rubner, a managing director for global markets and tactical specialist at the bank, estimates the US stocks benchmark can finish the year “well north of 6,000.” According to his calculations of data going back to 1928, the historical median of S&P 500 returns from Oct. 15 to Dec. 31 is 5.17%. In election years median returns are even higher, just over 7%, implying a year-end level of 6,270.