Goldman Sachs raised the S & P 500 index's end-of-year target for the third time: from 5,200 points to 5,600 points

Goldman Sachs Group strategists raised their end-of-year forecast for the S & P 500 from 5,200 to 5,600, citing a more modest than average negative earnings revision and a higher judgment on the reasonable level of the price-to-earnings ratio. "Our earnings forecasts for 2024 and 2025 remain unchanged, but the strong earnings growth of the Big Five technology stocks offsets the typical pattern of negative revisions to consensus earnings per share expectations," said strategists David Kostin and others. Strategists put the S & P 500's reasonable price-to-earnings ratio at 20.4 times, up from 19.5 times previously.