The stock market has rallied past just about every 2021 forecast from Wall Street's top strategists

Published Mon, Nov 8 20219:33 AM ESTUpdated Mon, Nov 8 202110:03 AM EST

The stock market climbed a wall of worry and rallied so relentlessly that the S & P 500 has eclipsed almost every major strategist's year-end target on Wall Street. The S & P 500 notched its 76th intraday record high of the year Friday at 4,718.50, pushing its 2021 gains to more than 25%. The rally has left strategists' forecasts in the dust as the equity benchmark is now about 6% above the consensus 2021 target of 4,433, according to the CNBC Market Strategist Survey that rounds up 16 top strategists' projections. Many of these strategists raised their targets during the year, but they still can't keep up with the record-setting bull run. The latest leg up came as investors took solace in the Federal Reserve's patient stance in raising interest rates and pulling back pandemic stimulus, while a solid third-quarter earnings season also boosted confidence in the economic recovery. "Stronger-than-expected 3Q results propel S & P 500 to our year-end target of 4700 with 6 weeks left to go," Goldman Sachs' chief U.S. equity strategist David Kostin said in a note. "We see reasons for optimism regarding the resolution of supply chain bottlenecks and easing cost pressures, but risks remain." Of the 445 companies in the S & P 500 that have reported earnings to date, 81% beat analysts' expectations, according to Refinitiv. The S & P 500 is now expected to grow earnings by 41.5% year over year in the third quarter. Savita Subramanian, Bank of America Securities head of U.S. equity and quantitative strategy, called corporate margins "incredibly un-shrinking" in the face of supply chain challenges and rising costs. "Despite many headwinds (supply chain, outsized labor/commodity inflation, etc.), S & P 500 net margins (ex-Fins) remained at a record high in 3Q," Subramanian said in a note. "Many companies touted their pricing power and planned further pricing increases in the coming months." 'Surprised once again' Morgan Stanley's Mike Wilson, one of the biggest bears on Wall Street, admitted that he's taken aback by the market's all-defying rally into year-end. "We have been surprised once again at the magnitude and speed of the move higher," Wilson said in a note. "Equity markets continue to ride the wave of retail flows, seasonal strength and institutional FOMO. As we approach our bull case of 4800, the risk/reward deteriorates, particularly with leverage high." Wilson's base case for the S & P 500 is only 4,000, which would represent a near 15% decline from here. Only one strategist, BMO's Brian Belski, has his target above where the market is currently trading. Belski believes stocks are entering a period of seasonal tailwinds, seeing the S & P 500 rising more than 2% to reach 4,800 by the end of 2021. "November has been the best month for US stock market performance, while December ranks third. Price strength during first 10 months of the calendar year tend to boost gains in the final two months," Belski said in a recent note. — CNBC's Nate Rattner and Michael Bloom contributed to this article.

The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New New York, January 16, 2019.

Carlo Allegri | Reuters

The stock market climbed a wall of worry and rallied so relentlessly that the S&P 500 has eclipsed almost every major strategist's year-end target on Wall Street.