Wells Fargo gives a bullish 2021 target for the S&P 500

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Traders work at the New York Stock Exchange in New York, the United States, March 16, 2020.
Michael Nagle | Xinhua News Agency | Getty Images

Wells Fargo analysts believe the benchmark S&P 500 index will reach record highs in 2021, as economic growth and financial markets rebound from the coronavirus crisis. 

In its 2021 outlook note published last week, the Wells Fargo Investment Institute said it believes the bull market that started in March 2020 would continue next year. 

Improved economic conditions "will lead to greater business and consumer confidence, which should drive significant corporate earnings growth in 2021," said analysts led by Chief Investment Officer Darrell Cronk.

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