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In a special edition of "Power Lunch at the Four Seasons," Abby Joseph Cohen, the chief U.S. portfolio strategist at Goldman Sachs, offered her perspective on the markets, the S&P 500 and the global economy to CNBC's Bill Griffeth.
Cohen reiterated the investment bank's call for the second half of 2007, saying "the stock market can do quite well even when the bond market is under pressure."
She stood by a prediction, made earlier this year, that the S&P 500 would hit 1600 this year -- "based on the idea that profit is [still] good." Cohen went on to predict that 2008 "will be another year of economic and profit growth."
And those who invest in the S&P needn't fear a timid Federal Reserve, according to the strategist. In making her call, she "assumed the Fed would stay neutral" -- and remains confident that, in the absence of rate cuts, the S&P will be buoyed by "robust" industrials and upper- and middle-income consumers "doing quite well."
Falling oil and gasoline prices may cheer consumer-goods companies, but Cohen says energy movements may not have as much impact on the U.S. economy as some fear. She is "more concerned" about the effects of seesawing fuel prices in "other economies," such as China and India -- "who use a lot more energy per unit of GDP" than America does.
Cohen says growth in Europe and Japan is proving "very helpful" to the U.S., which is "not only a huge importer, but is even more a huge exporter as well."
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