Pay no mind to the silly Europeans or global oil prices. In fact, pay no mind to anything that can be connoted by the word “global.” All that matters is happening right here in the greatest country in the history of the world. Although, it must be said, those matters are not necessarily great themselves.
U.S. corporate earnings would be relatively insulated from any surprisingly sharp slowdown in international growth, drop in oil prices or rise in the U.S. dollar….
Instead, investors should be more worried about any possible slowdown in the U.S. or a rise in margins, according to the bank’s work. While a one-percentage-point drop in international growth would hit the S&P 500’s annual earnings by $3 per share, the same drop in U.S. growth would dent earnings by $6 per share, the bank found.
Don’t Sweat the Global Stuff, Says Goldman [WSJ MoneyBeat blog]