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The S&P 500 has seen one of its worst starts to the year in the post-WWII period. However, history suggests that markets tend to recover given supportive fundamentals. Non-recessionary calendar years with >13% drawdowns have seen an average annual return of 2%. In fact, 7 of 15 years saw a positive annual return and in 14 of those 15 episodes, the S&P 500 outperformed 2022's YTD returns. As such, Goldman Sachs Asset Management believes there is meaningful upside for stocks, as represented by the S&P 500.
Temporary Turbulence
source: Goldman Sachs Asset Management Chart of the Week
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