[Goldman Sachs: Rate Hikes Won't Stop the Stock Market Bull Run] BlockBeats News, September 14 – When the Federal Reserve begins raising interest rates, the stock market typically faces pressure, but Goldman Sachs expects the bull market to continue. Strategists led by Ben Snider stated that rising interest rates pose a headwind for stock valuations, but corporate earnings remain the most important driver of the stock market. The S&P 500's forward price-to-earnings ratio has dropped from 22x at the beginning of the year to the current 19x, yet the index remains within 2% of its record high. The report noted that the market has already priced in expectations of more than three rate hikes next year, and corporate earnings and balance sheets remain strong. Over the past few decades, during the first three months of seven rate hike cycles, the S&P 500 has averaged a 2% decline, but it has risen 9% within 12 months after the first rate hike. [Original Link]