Dow rallies ~0.8%, S&P 500 modestly green, Nasdaq off ~0.4%
Industrials lead S&P sector gainers; Comm Svcs weakest group
Euro STOXX 600 index up ~0.5%
Dollar advances; gold rises; crude up >1%; bitcoin up ~3%
U.S. 10-Year Treasury yield edges up to ~4.42%
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MIDCAPS LOOK PROMISING - KOSTIN
David Kostin, chief U.S. equity strategist at Goldman Sachs, said in the firm's 2025 equity outlook call this week that he sees opportunities for investment in S&P 400 .IDX midcap stocks.
Midcap stocks are "at similar expected levels of earnings growth as larger-cap stocks, but trade at a much lower valuation," he said.
He added that they have a long track record of better performance than large caps and small caps.
If the Federal Reserve cuts rates - and Goldman Sachs expects that will continue for the next six to eight months - "that is going to benefit midcap stocks more than anything else, so they have the greatest torque to a cut in rates," he said.
"The reason for that is the midcap stocks have around 25% of their balance sheet, their borrowings, in the form of floating rate debt," Kostin noted, and "less interest expense means upward revisions to earnings and EPS, which typically drives stocks."
(Caroline Valetkevitch)
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