Market Insider

BofAML raises its year-end S&P 500 target

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Bank of America Merrill Lynch on Tuesday became the latest major Wall Street firm to raise its near-term forecast for the S&P 500 after the election.

The bank increased its year-end target for the index to 2,100 from 2,000 as "the market has sailed through some of this year's biggest shocks," the U.K. referendum on whether to stay in the European Union and the U.S. presidential election, Savita Subramanian, head of U.S. equity and quantitative strategy at BofAML, said in a note.

While 2,100 is about 4.8 percent below Tuesday's record close for the S&P 500, BofAML's target raise follows similar moves by other strategists.