Goldman sees the economy surprising in 2020 and these stocks benefiting most from the rebound

Cyclical stocks, those typically tied to economic growth, have led the record-setting rally in the past three months. While the S&P 500 surged about 8% during the period, cyclical stocks have outperformed their defensive counterparts, returning 12%, Goldman said. The bank predicts the leadership will persist on the back of a rebound in U.S. economy.

"The equity market is anticipating an acceleration in US economic growth during the coming months," David Kostin, Goldman's chief U.S. equity, said in a note on Friday. "Investors who want to capture further cyclical upside can improve risk-reward by narrowing their focus to select cyclical stocks." Goldman screened Russell 1000 stocks for names with high economic sensitivity but still-depressed valuations. The bank found 24 stocks that could outperform the market and other cyclicals if economic growth continues to improve. These stocks include

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