My oh my how a two-week long bear market rally and unprecedented stimulus actions by the Federal Reserve could change one’s thinking on stocks still dealing with the bruising coronavirus pandemic. Somewhat under the radar on Monday, veteran Goldman Sachs strategist David Kostin said his “near-term downside” scenario for the S&P 500 of 2,000 is “no longer likely.” Kostin’s call was initially made on March 22, the day before the market hit its near-term bottom. Since the March 23 lows, the S&P 500 has rallied to the tune of 14%.
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