Goldman Sachs CEO David Solomon sees V-shaped recovery into 2021 before comeback slows
CEO David Solomon still sees a V-shaped recovery ahead even as coronavirus cases are increasing throughout the US.Appearing in thevirtual conference, Solomon said the US is"somewhere in the middle" of its turnaround. Just as economic activity nosedived in the second quarter, the CEO sees reopenings driving a similar turn higher through the end of the year.
"This crisis has had a profound impact on the economic environment that we're operating in," he said on Wednesday."My guess is when you look at the shape of the recovery, the initial shape is going to look quite like a V."A CEO overseeing $147 million outlines his 4-part strategy for identifying which stocks to buy — and shares 2 he sees primed to explode higher right now
Solomon added that uncertainty still clouds such forecasts and second shocks could endanger the nation's long-term trajectory. The healthcare industry represents a major variable, as an effective coronavirus vaccine is largely viewed as the best bet for boosting consumer confidence. Human behavior can also deviate from expectations and either accelerate or halt reopening measures.
These factors will likely slow the US economic bounce-back after 2020 and push a full rebound further down the road, Solomon said. "I do think we're going to see a sharp V to start with, but it's very open-ended as to what kind of economic friction we're going to see as we get through the end of the year and into 2021," the CEO said.Now read more markets coverage from Markets Insider and Business Insider:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This Single Factor Could Force Another Coronavirus Shutdown, Goldman Sachs SaysAs more than half of the country sees new coronavirus cases surging, here’s what will determine whether or not states shut down again.
Read more »
This Single Factor Could Force Another Coronavirus Shutdown, Goldman Sachs SaysAs more than half of the country sees new coronavirus cases surging, here’s what will determine whether or not states shut down again.
Read more »
Etsy Stock Has Doubled This Year. Goldman Sachs Says It Can Keep Climbing.Analyst Heath Terry reiterated a Buy rating on the e-commerce company, while raising his price target to $120 from $88.
Read more »
Volkswagen sees V-shaped recovery lasting into 2022Volkswagen expects a V-shaped recovery lasting into 2022, its sales chief said on Tuesday, as businesses try to work out how quickly they will rebound from the coronavirus pandemic which shut large parts of the economy around the world for months.
Read more »
Euro zone downturn eased in June, V-shaped recovery in doubtThe historic euro zone economic downturn eased again this month as swathes of businesses reopened after closures to stem the spread of the coronavirus, but a V-shaped recovery may be unlikely, a set of closely-watched surveys showed on Tuesday.
Read more »
David Koma Resort 2021 Fashion ShowThe complete David Koma Resort 2021 fashion show now on Vogue Runway.
Read more »