Citi raises S&P 500 forecast, citing 'incessant Fed support'

Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020.
Tasos Katopodis | Reuters

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Citigroup just bumped up its year-end target for the S&P 500, citing "incessant" support of the Federal Reserve that has caused the market to blow past its previous forecast.