Even with the pandemic and election uncertainty, Wall Street is becoming more bullish as stocks edge to new highs.
The S&P 500 was higher Monday, but fell short of setting a new closing high. It ended the day at 3,381, just shy of the record 3,386 from Feb. 19. The record intraday high is 3,393, also from February. Many strategists and investors are in agreement that the market could keep going higher once it breaks these levels.
Goldman Sachs, for instance, raised its year end target on the S&P 500 to 3,600, from 3,000. Goldman chief equities strategist David Kostin said he raised his forecast on valuations, based on his new outlook for better earnings. Analysts at Yardeni Research and RBC are also among those who raised their forecasts recently, as the S&P gets close to its all-time high.