Goldman strategist sees rising stocks
By August Cole, CBS.MarketWatch.com
Last Update: 11:03 AM ET July 21, 2002
NEW YORK (CBS.MW) -- Goldman Sachs' top U.S. market strategist, a renowned bull, said Sunday that U.S. stocks are going to get back on their feet and head higher.
Abby Joseph Cohen said on CBS's "Face The Nation" that stock prices are set to go "higher, not lower." The comments were made on the heels of a week that saw the Dow Jones Industrial Average ($INDU: news, chart, profile) give up 7.6 percent and the Nasdaq Composite ($COMPQ: news, chart, profile) fall by 3.9 percent. See full story.
She also remarked that the tell-all period that has roiled Corporate America is nearing its end. "We're close" to the end of the corporate revelations, Cohen said.
To that end, she predicted, the upcoming Aug. 14 deadline for top company executives to verify their firms' books will be a positive for the markets.
Allen Sinai, chief global economist at Decision Economics and a guest on the Sunday-morning news program, commented that U.S. economic fundamentals and prospects are "the best in the world."
In April, Goldman's Cohen had said her 2002 target for the Dow ($INDU: news, chart, profile) was 11,300 and for the S&P 500 ($SPX: news, chart, profile) it was 1,300.
As of Friday, the Dow closed at 8,019. The Nasdaq closed at 1,219. The S&P 500 ended the day at 848. |
