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Cohen raises S&P target
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March 21, 2000: 7:25 p.m. ET
Goldman's influential strategist looks for 7 percent gain in index
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NEW YORK (CNNfn) - Abby Joseph Cohen, co-chair of Goldman Sachs' investment policy committee and one of Wall Street's most influential market strategists, said Monday that she has become more bullish on the U.S. stock market.
Cohen said she expects that the Standard & Poor's 500 Index will close above 1,575 in 2000. Last December, she forecast that the S&P 500 would close above 1,525 this year. The change means she now expects the S&P 500 to finish 7 percent above its 1999 close of 1469.25 The index closed Tuesday at 1493.87
Cohen increased her estimate for the profits from the 500 companies that make up the S&P 500 Index to $56 a share from $55 a share previously. She introduced an S&P 500 earnings target for $60 a share in 2001, although she did not set a price target for the index that year, a spokesperson for the investment bank said.
Cohen was not available for comment. She made the forecasts on a conference call with Goldman Sachs' sales force after the market close Tuesday, the spokesperson said.
Cohen has been ranked the top portfolio strategist three years running in the Institutional Investor survey and as the ninth most powerful woman in the world by Fortune magazine.
Last December, Cohen told CNNfn that the financial services industry and other "industrial cyclicals" are the most likely areas for growth this year. 
-- Reuters contributed to this report
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