U.S. benchmark stock indexes extended records, while silver and gold rallied as Federal Reserve chairman nominee Janet Yellen said she wants to maintain monetary stimulus until the economy improves. The yen and euro weakened as reports showed slowing economic growth.
Value remains in the U.S. stock market even after the Standard & Poor’s 500 Index surged 25 percent this year to a record, according to Abby Joseph Cohen, a senior investment strategist at Goldman Sachs Group Inc.
U.S. stocks are priced at “very low levels” because investors are nervous about earnings, inflation, market volatility and the outlook for global growth, according to Goldman Sachs Group Inc.’s Abby Joseph Cohen.
Dec. 11 (Bloomberg) -- Abby Joseph Cohen, investment strategist at Goldman Sachs Group, Thomas Sandell, chief executive officer at Sandell Asset Management Corp., and Caglar Somek, a partner a Caravel Management LLC, participate in a panel discussion about strategies and outlook for 2013. Bloomberg's Deirdre Bolton moderated the panel at the Bloomberg Hedge Funds Summit in New York on Dec. 5. (Source: Bloomberg)
Treasury yields below zero on an inflation-adjusted basis for only the second time since Dwight D. Eisenhower’s presidency have split Wall Street’s biggest firms, underscoring the relative-value dilemma equity investors face following the biggest first-quarter rally in 14 years.