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    Home » $720B of Stock Buybacks to Push Up S&P 500 by 5% by end of 2021-Goldman Sachs
    Forex News

    $720B of Stock Buybacks to Push Up S&P 500 by 5% by end of 2021-Goldman Sachs

    August 16, 20211 Min Read
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    Stock Buybacks theme with New York City skyscrapers
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    US companies reopening the gates for stock buybacks will help the benchmark S&P 400 stock index increase by 5% to 4,700 by the end of the year.

    • Goldman analyst, David Kostin states S&P 500 companies will buy back $726 million of their own stock this year. That figure would increase sharply from 2020’s figure, when the pandemic affected practice.
    • Strong corporate equity demand is a major reason for forecasting a 5% return to S&P 500 year-end target of 4,700.
    • The sharp rebound in buybacks supports the view that corporates will rank among the largest buyers of US equities.
    • Kostin noted that the strength of share repurchases supports current stock valuations, irrespective of the prices reaching their highest levels relative to the company earnings in 40 years.

    The S&P 500 closed at a record high of 4,468 on Friday, as US stocks bounded back significantly from last year’s pandemic-induced collapse, with the S&P expanding over 90% from lows recorded in March 2020.

    S&P 500 down -0.34%, EUR USD down -0.14%Source: Markets Insider.

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