Goldman Sachs bumped up its forecasts for Chinese economic growth, a day after the U.S. agreed to an unexpectedly large reduction in tariffs on the country's goods. G

Goldman Sachs raised its forecasts for Chinese and U.S. economic growth, and cut its odds for a U.S. recession, after the countries agreed Monday to slash tariffs on each other's imports.

Financial services giant Goldman Sachs is reportedly predicting that the S&P 500 (SPX) will hit a new all-time high over the next 12 months amid improving market conditions.