Goldman Sachs has called time on Wall Street’s 11-year bull run, warning that the coronavirus outbreak and oil crash will send the market tumbling by almost 30 per cent from the record highs set last month.
The Wall Street bank said the S&P 500 will fall to 2,450 over the next three months, a 15 per cent drop from Tuesday's closing level and a 28 per cent tumble from the peak in February. Goldman's forecast suggests the US will enter a bear market, typically defined as a fall of at least 20 per cent from a recent high.
“Both the real economy and the financial economy are exhibiting acute signs of stress,” said David Kostin, Goldman's chief US equity strategist. “We believe the S&P 500 bull market will soon end.”
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