The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat._老虎社区_美港股上老虎

The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.

Barrons2021-08-06

Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low. The investment bank now says ...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

185

JL1982
·2021-08-06
Long term investments definitely better then bank interest rates 🤑
回复
2
举报
收起
- JL1982:
  Ie. you look at any of the blue chips for Pass 5years recorD is it better then ur interest rate 😆
  2021-08-08
  回复
  举报
- JL1982:
  🤣🤣
  2021-08-08
  回复
  举报
- 沙漠追光大海逐风:
  是什么让你这么转变的？我也是很久之后才领会到这。
  2021-08-07
  回复
  举报
查看更多 2 条评论
Nurol
·2021-08-06
Wow
回复
1
举报
Portfolio50
·2021-08-06
Stay invested and ride the ups as well as the downs. Build a resilent portfolio so it can take beatings in bad years as market downturns are part and parcel of investing!
回复
5
举报
bernardtayet
·2021-08-06
Still hv some room to up, perhaps not so high pc
回复
4
举报
收起
- hpt:
  Like
  2021-08-06
  回复
  举报
85粒小萍果
·2021-08-06
Haha to make it 16%?
回复
3
举报
7b7349c2
·2021-08-06
hi
回复
1
举报
收起
- CW8:
  Like
  2021-08-06
  回复
  举报
VinKuang
·2021-08-06
Like and comment tyvm ;)
回复
4
举报
收起
- clare288:
  okay
  2021-08-06
  回复
  举报
- 7b7349c2:
  ij
  2021-08-06
  回复
  举报
- Brsje:
  Done
  2021-08-06
  回复
  举报
查看更多 1 条评论
SanWangtikup
·2021-08-06
Lol
回复
1
举报
robot1234
·2021-08-06
If GS is correct, then the risk reward ratio doesn't quite measure up. All 3 major US stock indices at all time high. No more easy money around. Leave the last 6% to professional fund managers and syndicates. Better to observe from the sidelines and adopt a defensive posture. There will be more market volatility and standby enough reserves for a correction.
回复
8
举报
收起
- kenong62:
  good
  2021-08-06
  回复
  举报
- JustStonks:
  Good advise! Thank you.
  2021-08-06
  回复
  举报
Dindindino
·2021-08-06
Like and comment pls
回复
2
举报
收起
- WWXY:
  done!
  2021-08-06
  回复
  举报
- Cherry16:
  ok
  2021-08-06
  回复
  举报
KYHBKO
·2021-08-06
sector rotation and also positive developments from vaccine front. let us watch the space as market sentiment is important too.
回复
2
举报
goldenkoi
·2021-08-06
Price will gradually reflect fundamentals now. I’d avoid piling into stocks all at once right now. The better play would be to average down for the next year
回复
3
举报
Rockyspider
·2021-08-06
Like
回复
1
举报
收起
- Dindindino:
  Done
  2021-08-06
  回复
  举报
13d499c8
·2021-08-06
Good good
回复
3
举报
Khairul0802
·2021-08-06
So good
回复
4
举报
收起
- Tenten:
  Yeah~
  2021-08-06
  回复
  举报
Lifestyle
·2021-08-06
That’s what I thought all along for 2021. I believe we’re going to have a rally in September or November. Everyone thinks of correction but it will be the opposite 🤔
回复
2
举报
收起
- OpenSesame88:
  bubble?
  2021-08-06
  回复
  举报
Eaglewings
·2021-08-06
What about the big tech? :)
回复
5
举报
收起
- GeneV:
  👍🏻
  2021-08-06
  回复
  举报
JadynY
·2021-08-06
[Miser] [Miser] [Miser]
回复
3
举报
收起
- Khairul0802:
  Good
  2021-08-06
  回复
  举报
Chihyong
·2021-08-06
Wow..
回复
7
举报
收起
- CeeeKay:
  bubble
  2021-08-06
  回复
  举报
wenns
·2021-08-06
[微笑]
回复
3
举报

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","thumbnail":"","is_english":true,"pubTime":"2021-08-06 10:29","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1188253337","market":"us","top_or_hot":-1,"title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.","media":"Barrons","content":"<div>\nGoldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says ...\n\n<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">网页链接</a>\n\n</div>\n","source":"lsy1601382232898","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-06 10:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA>Barrons</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nGoldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says ...\n\n<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".DJI","symbol_name":"道琼斯","start_time":0,"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","article_id":"1188253337","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","pubTimestamp":1628216944,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"translate_title":"高盛说，今年标普500可能会再上升6%。为什么这么乐观。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":893898808,"gmtCreate":1628252876404,"gmtModify":1633752242878,"author":{"id":"4091269321214940","authorId":"4091269321214940","name":"JL1982","avatar":"https://static.tigerbbs.com/69054a14cd1dbb23393e41416d2fd3cf","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"4091269321214940","authorIdStr":"4091269321214940"},"htmlText":"Long term investments definitely better then bank interest rates 🤑","listText":"Long term investments definitely better then bank interest rates 🤑","text":"Long term investments definitely better then bank interest rates 🤑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/893898808","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5459577,"gmtCreate":1628388350782,"gmtModify":1635157329270,"authorId":4091269321214940,"author":{"id":4091269321214940,"idStr":"4091269321214940","authorId":4091269321214940,"name":"JL1982","avatar":"https://static.tigerbbs.com/69054a14cd1dbb23393e41416d2fd3cf","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893898808,"type":1,"supId":5455790,"prevId":0,"content":"Ie. you look at any of the blue chips for Pass 5years recorD is it better then ur interest rate 😆","text":"Ie. you look at any of the blue chips for Pass 5years recorD is it better then ur interest rate 😆","html":"Ie. you look at any of the blue chips for Pass 5years recorD is it better then ur interest rate 😆"},{"id":5459588,"gmtCreate":1628388404605,"gmtModify":1635157328142,"authorId":4091269321214940,"author":{"id":4091269321214940,"idStr":"4091269321214940","authorId":4091269321214940,"name":"JL1982","avatar":"https://static.tigerbbs.com/69054a14cd1dbb23393e41416d2fd3cf","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893898808,"type":1,"supId":5455789,"prevId":0,"content":"🤣🤣","text":"🤣🤣","html":"🤣🤣"},{"id":5455790,"gmtCreate":1628330476520,"gmtModify":1628330476520,"authorId":9000000000000220,"author":{"id":9000000000000220,"idStr":"9000000000000220","authorId":9000000000000220,"name":"沙漠追光大海逐风","avatar":"https://static.tigerbbs.com/e30b7f24ce0a6599dcdfa3567f958dea","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893898808,"type":1,"supId":0,"prevId":0,"content":"是什么让你这么转变的？我也是很久之后才领会到这。","text":"是什么让你这么转变的？我也是很久之后才领会到这。","html":"是什么让你这么转变的？我也是很久之后才领会到这。"},{"id":5455789,"gmtCreate":1628330445111,"gmtModify":1628330445111,"authorId":9000000000000221,"author":{"id":9000000000000221,"idStr":"9000000000000221","authorId":9000000000000221,"name":"搞钱树","avatar":"https://static.tigerbbs.com/82edc4968feb7c0c481f5ad38d9a498b","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893898808,"type":1,"supId":0,"prevId":0,"content":"受过短线的毒打？","text":"受过短线的毒打？","html":"受过短线的毒打？"},{"id":5455787,"gmtCreate":1628330429536,"gmtModify":1628330429536,"authorId":3479274702625278,"author":{"id":3479274702625278,"idStr":"3479274702625278","authorId":3479274702625278,"name":"老夫追涨杀跌","avatar":"https://static.tigerbbs.com/53d8be38e6bbbfa27d16721be9a4e59b","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893898808,"type":1,"supId":0,"prevId":0,"content":"长期投资肯定比银行利率好，这话没毛病。","text":"长期投资肯定比银行利率好，这话没毛病。","html":"长期投资肯定比银行利率好，这话没毛病。"}],"langContent":"EN"},{"id":893188136,"gmtCreate":1628246447225,"gmtModify":1633752282686,"author":{"id":"4090704081019170","authorId":"4090704081019170","name":"Nurol","avatar":"https://static.tigerbbs.com/61def0f6503ae7bb4a323ec8ac4d07f0","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4090704081019170","authorIdStr":"4090704081019170"},"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893188136","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":893381385,"gmtCreate":1628238037947,"gmtModify":1633752338691,"author":{"id":"3579922554249988","authorId":"3579922554249988","name":"Portfolio50","avatar":"https://static.tigerbbs.com/3e41399b7d47310e4bf55e2a5917c9da","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3579922554249988","authorIdStr":"3579922554249988"},"htmlText":"Stay invested and ride the ups as well as the downs. Build a resilent portfolio so it can take beatings in bad&nbsp;years as market downturns are part and parcel of investing!","listText":"Stay invested and ride the ups as well as the downs. Build a resilent portfolio so it can take beatings in bad&nbsp;years as market downturns are part and parcel of investing!","text":"Stay invested and ride the ups as well as the downs. Build a resilent portfolio so it can take beatings in bad years as market downturns are part and parcel of investing!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893381385","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":893958802,"gmtCreate":1628232255506,"gmtModify":1631892935063,"author":{"id":"3583377018896117","authorId":"3583377018896117","name":"bernardtayet","avatar":"https://static.tigerbbs.com/43e8c1fc37a4bff2a94af98953cff267","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3583377018896117","authorIdStr":"3583377018896117"},"htmlText":"Still hv some room to up, perhaps not so high pc","listText":"Still hv some room to up, perhaps not so high pc","text":"Still hv some room to up, perhaps not so high pc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893958802","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5445116,"gmtCreate":1628237585725,"gmtModify":1631892935056,"authorId":3579759306103275,"author":{"id":3579759306103275,"idStr":"3579759306103275","authorId":3579759306103275,"name":"hpt","avatar":"https://static.tigerbbs.com/986ef7c951112f7be64cfd5d6c1672c5","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893958802,"type":1,"supId":0,"prevId":0,"content":"Like","text":"Like","html":"Like"}],"langContent":"EN"},{"id":893930178,"gmtCreate":1628227245994,"gmtModify":1631889092314,"author":{"id":"3582030875112886","authorId":"3582030875112886","name":"85粒小萍果","avatar":"https://static.tigerbbs.com/1777d893563cc0b3089e59eb74fe055c","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582030875112886","authorIdStr":"3582030875112886"},"htmlText":"Haha to make it 16%?","listText":"Haha to make it 16%?","text":"Haha to make it 16%?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893930178","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":893997610,"gmtCreate":1628227179930,"gmtModify":1631890661593,"author":{"id":"3573384476205285","authorId":"3573384476205285","name":"7b7349c2","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3573384476205285","authorIdStr":"3573384476205285"},"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893997610","repostId":1188253337,"repostType":2,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5445270,"gmtCreate":1628238916003,"gmtModify":1635158583426,"authorId":3578367364626693,"author":{"id":3578367364626693,"idStr":"3578367364626693","authorId":3578367364626693,"name":"CW8","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893997610,"type":1,"supId":0,"prevId":0,"content":"Like","text":"Like","html":"Like"}],"langContent":"EN"},{"id":893901626,"gmtCreate":1628225845765,"gmtModify":1633752417171,"author":{"id":"3577323914202336","authorId":"3577323914202336","name":"VinKuang","avatar":"https://static.tigerbbs.com/536d624e5750dcffec704eeed9bc003b","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3577323914202336","authorIdStr":"3577323914202336"},"htmlText":"Like and comment tyvm ;)","listText":"Like and comment tyvm ;)","text":"Like and comment tyvm ;)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/893901626","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5444101,"gmtCreate":1628227079520,"gmtModify":1635158671828,"authorId":3582769468410601,"author":{"id":3582769468410601,"idStr":"3582769468410601","authorId":3582769468410601,"name":"clare288","avatar":"https://static.tigerbbs.com/2302ca3cd94dcb0acc98aa0cd7d3438b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893901626,"type":1,"supId":0,"prevId":0,"content":"okay","text":"okay","html":"okay"},{"id":5444115,"gmtCreate":1628227188937,"gmtModify":1635158670455,"authorId":3573384476205285,"author":{"id":3573384476205285,"idStr":"3573384476205285","authorId":3573384476205285,"name":"7b7349c2","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893901626,"type":1,"supId":0,"prevId":0,"content":"ij","text":"ij","html":"ij"},{"id":5444338,"gmtCreate":1628229441322,"gmtModify":1635158651909,"authorId":3578966425599850,"author":{"id":3578966425599850,"idStr":"3578966425599850","authorId":3578966425599850,"name":"Brsje","avatar":"https://static.tigerbbs.com/3dbbcbc87a1aacdd702502ff32693a39","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893901626,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"},{"id":5444498,"gmtCreate":1628231722203,"gmtModify":1635158638094,"authorId":3582855207960072,"author":{"id":3582855207960072,"idStr":"3582855207960072","authorId":3582855207960072,"name":"HBONG","avatar":"https://static.tigerbbs.com/a0b6ef216c7f159c6548906cb1930a1c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893901626,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":893073460,"gmtCreate":1628224996850,"gmtModify":1633752424954,"author":{"id":"4087452914358580","authorId":"4087452914358580","name":"SanWangtikup","avatar":"https://static.tigerbbs.com/c7f061d50a9f915d0ce8e8c879871960","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"4087452914358580","authorIdStr":"4087452914358580"},"htmlText":"Lol&nbsp;","listText":"Lol&nbsp;","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893073460","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":893070846,"gmtCreate":1628224685585,"gmtModify":1628224685585,"author":{"id":"3561596430587504","authorId":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3561596430587504","authorIdStr":"3561596430587504"},"htmlText":"If GS&nbsp;is correct, then the risk reward ratio doesn't quite measure up. All 3&nbsp;major US stock indices at all time high. No more easy money&nbsp;around. Leave the last 6% to professional fund managers and syndicates.&nbsp;Better to observe from the sidelines and adopt a defensive posture. There will be more market volatility and standby&nbsp;enough reserves for a correction.","listText":"If GS&nbsp;is correct, then the risk reward ratio doesn't quite measure up. All 3&nbsp;major US stock indices at all time high. No more easy money&nbsp;around. Leave the last 6% to professional fund managers and syndicates.&nbsp;Better to observe from the sidelines and adopt a defensive posture. There will be more market volatility and standby&nbsp;enough reserves for a correction.","text":"If GS is correct, then the risk reward ratio doesn't quite measure up. All 3 major US stock indices at all time high. No more easy money around. Leave the last 6% to professional fund managers and syndicates. Better to observe from the sidelines and adopt a defensive posture. There will be more market volatility and standby enough reserves for a correction.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893070846","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443837,"gmtCreate":1628224740500,"gmtModify":1635158693670,"authorId":3574928367638029,"author":{"id":3574928367638029,"idStr":"3574928367638029","authorId":3574928367638029,"name":"kenong62","avatar":"https://static.tigerbbs.com/37fd00bd8cea11b8aa1aed6d9ddd9413","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893070846,"type":1,"supId":0,"prevId":0,"content":"good","text":"good","html":"good"},{"id":5445961,"gmtCreate":1628244882221,"gmtModify":1635158535586,"authorId":3575277705944076,"author":{"id":3575277705944076,"idStr":"3575277705944076","authorId":3575277705944076,"name":"JustStonks","avatar":"https://static.tigerbbs.com/8a85f9246d3c1c5337dd21fec2ec401d","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893070846,"type":1,"supId":5443837,"prevId":0,"content":"Good advise! Thank you. ","text":"Good advise! Thank you. ","html":"Good advise! Thank you. "}],"langContent":"EN"},{"id":893047622,"gmtCreate":1628224649866,"gmtModify":1633752426705,"author":{"id":"3585008979244156","authorId":"3585008979244156","name":"Dindindino","avatar":"https://static.tigerbbs.com/8aa54f4d7f1ed33d80d2d8d18918fb30","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3585008979244156","authorIdStr":"3585008979244156"},"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893047622","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443917,"gmtCreate":1628225401205,"gmtModify":1635158687089,"authorId":3579404476253924,"author":{"id":3579404476253924,"idStr":"3579404476253924","authorId":3579404476253924,"name":"WWXY","avatar":"https://static.tigerbbs.com/28344ad9ceda3dc5b69061cf021b7c88","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893047622,"type":1,"supId":0,"prevId":0,"content":"done!","text":"done!","html":"done!"},{"id":5443948,"gmtCreate":1628225709871,"gmtModify":1635158683674,"authorId":4087626579975990,"author":{"id":4087626579975990,"idStr":"4087626579975990","authorId":4087626579975990,"name":"Cherry16","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893047622,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":893044110,"gmtCreate":1628224584930,"gmtModify":1628225202152,"author":{"id":"3574381076586256","authorId":"3574381076586256","name":"KYHBKO","avatar":"https://static.tigerbbs.com/c3bcbc7f9a10836dea92afc94bf39b5b","vip":2,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3574381076586256","authorIdStr":"3574381076586256"},"htmlText":"sector rotation and also positive developments from vaccine&nbsp;front. let us watch the space as&nbsp;market sentiment is important too.&nbsp;","listText":"sector rotation and also positive developments from vaccine&nbsp;front. let us watch the space as&nbsp;market sentiment is important too.&nbsp;","text":"sector rotation and also positive developments from vaccine front. let us watch the space as market sentiment is important too.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893044110","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":893044373,"gmtCreate":1628224584692,"gmtModify":1631890183897,"author":{"id":"3587073567761409","authorId":"3587073567761409","name":"goldenkoi","avatar":"https://static.tigerbbs.com/b622f9e123508386b5eaebf40c9637a1","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3587073567761409","authorIdStr":"3587073567761409"},"htmlText":"Price will gradually reflect fundamentals now. I’d avoid piling into stocks all at once right now. The better play would be to average down for the next year","listText":"Price will gradually reflect fundamentals now. I’d avoid piling into stocks all at once right now. The better play would be to average down for the next year","text":"Price will gradually reflect fundamentals now. I’d avoid piling into stocks all at once right now. The better play would be to average down for the next year","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893044373","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":893045276,"gmtCreate":1628224563495,"gmtModify":1633752428107,"author":{"id":"3561779703230954","authorId":"3561779703230954","name":"Rockyspider","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3561779703230954","authorIdStr":"3561779703230954"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893045276","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443820,"gmtCreate":1628224645099,"gmtModify":1635158695363,"authorId":3585008979244156,"author":{"id":3585008979244156,"idStr":"3585008979244156","authorId":3585008979244156,"name":"Dindindino","avatar":"https://static.tigerbbs.com/8aa54f4d7f1ed33d80d2d8d18918fb30","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893045276,"type":1,"supId":0,"prevId":0,"content":"Done ","text":"Done ","html":"Done "}],"langContent":"EN"},{"id":893049170,"gmtCreate":1628223957790,"gmtModify":1633752432239,"author":{"id":"3577963846611869","authorId":"3577963846611869","name":"13d499c8","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3577963846611869","authorIdStr":"3577963846611869"},"htmlText":"Good good","listText":"Good good","text":"Good good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893049170","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":893055193,"gmtCreate":1628223639912,"gmtModify":1631883857776,"author":{"id":"3573174299397007","authorId":"3573174299397007","name":"Khairul0802","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3573174299397007","authorIdStr":"3573174299397007"},"htmlText":"So good","listText":"So good","text":"So good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893055193","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443812,"gmtCreate":1628224589756,"gmtModify":1631883857779,"authorId":3586686286785362,"author":{"id":3586686286785362,"idStr":"3586686286785362","authorId":3586686286785362,"name":"Tenten","avatar":"https://static.tigerbbs.com/6aaa492013925eb5bfe2cb43461ebfe4","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893055193,"type":1,"supId":0,"prevId":0,"content":"Yeah~","text":"Yeah~","html":"Yeah~"}],"langContent":"EN"},{"id":893052071,"gmtCreate":1628223542993,"gmtModify":1628224514376,"author":{"id":"3577580366301047","authorId":"3577580366301047","name":"Lifestyle","avatar":"https://static.tigerbbs.com/f4d6b8a93bb67c48d769484626037d6e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3577580366301047","authorIdStr":"3577580366301047"},"htmlText":"That’s what I thought all along for 2021. I believe we’re going to have a rally in September or November. Everyone thinks of correction but it will be the opposite 🤔","listText":"That’s what I thought all along for 2021. I believe we’re going to have a rally in September or November. Everyone thinks of correction but it will be the opposite 🤔","text":"That’s what I thought all along for 2021. I believe we’re going to have a rally in September or November. Everyone thinks of correction but it will be the opposite 🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893052071","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443821,"gmtCreate":1628224648670,"gmtModify":1635158695238,"authorId":3581670993895630,"author":{"id":3581670993895630,"idStr":"3581670993895630","authorId":3581670993895630,"name":"OpenSesame88","avatar":"https://static.tigerbbs.com/8acdaa8d911543916dedb8be1f245fd9","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893052071,"type":1,"supId":0,"prevId":0,"content":"bubble?","text":"bubble?","html":"bubble?"}],"langContent":"EN"},{"id":893051657,"gmtCreate":1628223361279,"gmtModify":1631888908316,"author":{"id":"3574484198588936","authorId":"3574484198588936","name":"Eaglewings","avatar":"https://static.tigerbbs.com/532f4e45cb093f21d9a38905184a4bb9","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3574484198588936","authorIdStr":"3574484198588936"},"htmlText":"What about the big tech? :)","listText":"What about the big tech? :)","text":"What about the big tech? :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893051657","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443651,"gmtCreate":1628223539964,"gmtModify":1631888908316,"authorId":3570741525676370,"author":{"id":3570741525676370,"idStr":"3570741525676370","authorId":3570741525676370,"name":"GeneV","avatar":"https://static.tigerbbs.com/f07571419f8558c92b400555a5813b59","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893051657,"type":1,"supId":0,"prevId":0,"content":"👍🏻","text":"👍🏻","html":"👍🏻"}],"langContent":"EN"},{"id":893053546,"gmtCreate":1628223328585,"gmtModify":1631890938630,"author":{"id":"4087899430188250","authorId":"4087899430188250","name":"JadynY","avatar":"https://static.tigerbbs.com/d39e159a365bae2e9344addcdc09e350","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087899430188250","authorIdStr":"4087899430188250"},"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893053546","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443671,"gmtCreate":1628223653596,"gmtModify":1635158707491,"authorId":3573174299397007,"author":{"id":3573174299397007,"idStr":"3573174299397007","authorId":3573174299397007,"name":"Khairul0802","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893053546,"type":1,"supId":0,"prevId":0,"content":"Good","text":"Good","html":"Good"}],"langContent":"EN"},{"id":893089929,"gmtCreate":1628220953061,"gmtModify":1633752460867,"author":{"id":"3583038013988308","authorId":"3583038013988308","name":"Chihyong","avatar":"https://static.tigerbbs.com/b8345100cc574b68844750cc9debaa37","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3583038013988308","authorIdStr":"3583038013988308"},"htmlText":"Wow..","listText":"Wow..","text":"Wow..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893089929","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5443328,"gmtCreate":1628221287542,"gmtModify":1635158735422,"authorId":3568414833542283,"author":{"id":3568414833542283,"idStr":"3568414833542283","authorId":3568414833542283,"name":"CeeeKay","avatar":"https://static.tigerbbs.com/17129049ced44ecc58464019a028ea24","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":893089929,"type":1,"supId":0,"prevId":0,"content":"bubble","text":"bubble","html":"bubble"}],"langContent":"EN"},{"id":893002845,"gmtCreate":1628218532287,"gmtModify":1633752485727,"author":{"id":"3573628867735517","authorId":"3573628867735517","name":"wenns","avatar":"https://static.tigerbbs.com/56a10a99293efcd3e1e25084a2bcecbf","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3573628867735517","authorIdStr":"3573628867735517"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893002845","repostId":1188253337,"repostType":4,"repost":{"id":"1188253337","kind":"news","pubTimestamp":1628216944,"share":"https://www.laohu8.com/m/news/1188253337?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:29","market":"us","language":"en","title":"The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188253337","media":"Barrons","summary":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been t","content":"Goldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Can Rise Another 6% This Year, Goldman Sachs Says. Why It’s So Upbeat.<blockquote>高盛表示，标普500今年可能再上涨6%。为什么这么乐观。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-06 10:29\n\n</h4>\n</header>\n<article>\nGoldman Sachs strategists raised their target for the S&amp;P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.<blockquote>高盛策略师上调了标普500的目标，称企业盈利强劲，不容忽视，债券收益率仍居高不下。</blockquote> The investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.<blockquote>该投资银行现在表示，到年底，市场基准可能会达到4700点，高于之前4300点的看涨期权。这意味着该指数较当前水平上涨略高于6%。</blockquote> One of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations&nbsp;by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&amp;P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.<blockquote>更为乐观的观点背后的主要因素之一是第二季度盈利远高于预期，超出预期的幅度为历史上较大。高盛策略师目前预计，标普500公司今年的每股总收益将为207美元，高于此前预测的193美元。他们预计2022年总每股收益为212美元，高于202美元。</blockquote> The forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.<blockquote>预测分别为45%和2%的同比增长，因为被压抑的需求推动今年的利润超过2019年的水平，然后增长将在2022年放缓。策略师将企业税率上调纳入2022年利润预测中，并略有降低。</blockquote> The other key consideration is that valuations could remain fairly high because&nbsp;bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.<blockquote>另一个关键考虑因素是，由于债券收益率仍然较低，估值可能仍然相当高。高盛预计该指数股票的平均交易价格是2022年每股收益预期的22.1倍，略高于目前的21倍。低债券收益率降低了投资固定收益证券的吸引力，也增加了未来利润的现值。</blockquote> “Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.<blockquote>高盛首席美国股票策略师David Kostin写道：“低于预期的利率支撑了22倍的稳定预期市盈率。”</blockquote> The strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.<blockquote>策略师将年底前10年期国债收益率预期从1.9%下调至1.6%。尽管通胀预期上升，一些市场参与者认为购买债券是一笔不错的交易，但收益率目前仍为1.2%。</blockquote> Inflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were&nbsp;piling into the debt, sending the price up and the yield down.<blockquote>我根据圣路易斯联储的数据，长期通胀率预计将略高于2%，债券投资者通常要求高于通胀率的回报。但10年期国债收益率仍远低于预期通胀，即使在一些投资者大量买入债券导致价格上涨和收益率下降的一段时间之后。</blockquote> Goldman’s 2021 target for the S&amp;P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.<blockquote>高盛2021年标普500目标意味着股票收益率将比投资者从债券中获得的1.6%高出3个百分点。这使得股票估值看起来合理。</blockquote> The current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.<blockquote>当前的金发姑娘环境——经济强劲，但债券收益率较低——使股市受到青睐。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-sp-500-more-gains-goldman-sachs-51628182610?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188253337","content_text":"Goldman Sachs strategists raised their target for the S&P 500, saying corporate earnings have been too strong to ignore and that bond yields are remaining stubbornly low.\nThe investment bank now says the market benchmark could reach 4700 by year-end, up from its previous call of 4300. That implies a gain of just over 6% from the index’s current level.\nOne of the main factors behind the more upbeat view is that second-quarter earnings are coming in far higher than expected, exceeding expectations by historically wide margins. The Goldman strategists now expect aggregate earnings per share for companies in the S&P 500 will be $207 this year, up from a previous forecast of $193. For 2022, they are expecting aggregate EPS of $212, up from $202.\nThe forecasts represent respective year-over-year growth of 45% and 2%, as pent-up demand drives this year’s profits past 2019 levels, before growth moderates in 2022. The strategists incorporated a corporate tax-rate increase into their 2022 profit projection, reducing it slightly.\nThe other key consideration is that valuations could remain fairly high because bond yields remain low. Goldman sees stocks in the index trading at an average of 22.1 times the per-share earnings expected for the 2022, slightly higher than the current 21 times. Low bond yields reduce the appeal of investing in fixed-income securities, as well as increasing the current value of future profits.\n“Lower interest rates than expected support a stable forward P/E multiple of 22x,” wrote David Kostin, Goldman Sachs’ chief U.S. equity strategist.\nThe strategists lowered their forecast for the 10-year Treasury yield to 1.6% from 1.9% by year-end. Yields are now at 1.2%, even as inflation expectations have risen and some market participants have seen buying the debt as a good trade.\nInflation is expected to be a bit over 2% for the long term, according to St. Louis Fed data, and bond investors usually demand a return greater than the rate of inflation. But the 10-year Treasury yield has remained far below expected inflation, even after a period during which some investors were piling into the debt, sending the price up and the yield down.\nGoldman’s 2021 target for the S&P 500 implies an earnings yield for stocks that would be 3 percentage points higher than what investors can get from bonds at 1.6%. And that makes stock valuations look reasonable.\nThe current Goldilocks environment—a sturdy economy, but with low bond yields—is keeping stocks in favor.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":185,"commentSize":26,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}