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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (96711)	7/21/2002 5:34:01 PM
From: puborectalis	Respond to of 99280

Goldman strategist sees rising stocks By August Cole, CBS.MarketWatch.com Last Update: 2:38 PM 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." Her comments came 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. "I can't give advice to all of the different investors out there, but would I say that I think that stock prices are today priced too cheaply," she said. She also noted that her caution about tech and telecom stocks in 2000 prompted her to advise selling stocks then. Turning to the tell-all period that has roiled Corporate America, she said it's almost over. "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. See related story. "And in the background is an economy which is growing, labor markets which are stabilizing, and inflation which is under very good control," Cohen added. Allen Sinai, chief global economist at Decision Economics and a fellow 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 ($INDU: news, chart, profile) was 11,300, while for the S&P 500 ($SPX: news, chart, profile) it was 1,300. On Friday, the Dow closed at 8,019. The Nasdaq closed at 1,219. The S&P 500 ended the day at 848. August Cole is spot news editor at CBS.MarketWatch.com in Chicago