David Kostin, chief US equity strategist at Goldman Sachs, saidWinstarbingoThe S & P 500 is unlikely to rise further between now and the end of the year.

Kostin reiterated on TuesdayWinstarbingoHe forecast a target of 5200 for the S & P by the end of the year, noting that he believes "returns will be roughly flat between now and the end of the year".

The forecast is slightly lower than the current trading level of the s & p 500, which has risen 10 per cent since January. Kostin said the bank's model-which includes the economy, earnings, valuations and capital flows-showed there was no room for further gains.

Economists at Goldman Sachs expect real GDP growth in the US to be about 3 per cent this year, while Goldman's equity strategists expect earnings growth of 8 per cent in 2024, while stressing that stock market valuations are already at an all-time high.

Kostin representsWinstarbingoThe possibility of multiple expansion is possible, but it is less likely. "

U. S. stocks rose on Tuesday as the S & P 500 regained most of its April losses to an all-time high. Investors ignored the stronger-than-expected producer price index (PPI) report and are waiting for key consumer inflation data to be released on Wednesday for clues as to whether the Fed can cut interest rates later this year.

Mr Kostin said one upside risk to the outlook was whether officials would cut interest rates more aggressively than the market currently expected, but stressed that that was unlikely to happen at the moment.

"this is not our basic situation," Kostin said. "our basic forecast is that as the end of the year approaches, the price-to-earnings ratio of the market will hover around this level, in fact even lower."