Stock market ‘mauled’ by a bear market sees Goldman Sachs cut forecasts

Stock market ‘mauled’ by a bear market sees Goldman Sachs cut forecasts

The bears are coming out of hibernation at white glove investment bank Goldman Sachs.

Goldman chief U.S. equity strategist David Kostin slashed his year end S&P 500 target to 4,300 from 4,700 in a new note to clients, stating that investors have been "mauled" by a bear market plunge that took form after the market's Jan 3. peak. The index ended Friday's session at 4,023.89.

Kostin added that the cut reflects "higher interest rates and slower economic growth than we previously assumed."