Investors remain nervous about the state of the global economy but should be comforted that things are generally better in the US than around the world, Goldman Sachs analyst Abby Joseph Cohen told CNBC.
"The US economic recovery, even though it's in fits and starts and even though we're disappointed at the rate of the increase in jobs creation, is doing better than most of the other developed economies, including those in Western Europe and Japan," said Cohen, president of Goldman's Global Markets Institute.
While Cohen said investors should keep a close watch on what is happening around the world, particularly in struggling European economies such as Greece and Hungary, she said most of the damage already has been taken into account.
On earlier CNBC appearances, Cohen has projected the Standard & Poor's 500 to hit 1,250 by year's end—a 17 percent surge from where it stands now.
"Potential bad news even under the most unlikely scenarios are discounted in share prices here and in Europe," she said.
Rather than focusing on isolated events such as Friday's disappointing jobs report, Cohen encouraged investors to look at the big picture.
"We believe the place to start, of course, is the underlying health of the economy, whether GDP growth will continue and whether job creation will begin to improve," she said. "That's something we'll be watching in the quarters ahead."