Goldman raises 2020 S&P 500 forecast, sees 7% gain to new record

The Wall Street Bull (The Charging Bull) is seen during Covid-19 pandemic in New York, on May 26, 2020.
Tayfun Coskun | Anadolu Agency via Getty Images

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Goldman Sachs hiked its year-end target on the S&P 500 to catch up with the historic rally that pushed the market within a hair's breadth of its record. However, the bank warned that the U.S. election poses a significant risk to this call.