Goldman to Clients: Brace for Another 8% Drop in S&P

Monday, November 19, 2012
By Paul Martin

By: Katy Barnato
CNBC.com
Monday, 19 Nov 2012

The S&P 500 is set to fall another 8 percent by the end of the year, on top of the 7 percent decline seen since the year’s high reached in September, according to a new strategy note by Goldman Sachs.

“Uncertainty swirling around the ‘fiscal cliff’ that must be resolved by year end, the pending jump in capital gains taxes at the start of 2013, and the debt ceiling that will be reached in late February, represent clear and present downside risks to the market in the near-term,” wrote the analysts, headed by Chief U.S. Equity Strategist David Kostin.

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