LONDON (Reuters) – Goldman Sachs (NYSE:) said on Tuesday it has raised its 2019 target for the U.S. benchmark S&P 500 index () by 3% to 3,100, implying a 24% gain for the year, but has lowered its earnings estimates citing weakness in economic activity and margin outlook.

The forecast would see Wall Street extend its decade-long bull run into another year and easily breach its intraday record of 3,027.98 set on Friday as investors bet on a boost from an expected rate cut from the Federal Reserve this week.

For 2020, the bank set a 3,400 point price target for the S&P 500, a 10% rise from its 2019 price target.

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