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

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

Traders work at the New York Stock Exchange in New York, the United States, March 16, 2020.

Michael Nagle | Xinhua News Agency | Getty Images

Analysts at Wells Fargo 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 believed 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,” a team at the financial services firm, led by Chief Investment Officer Darrell Cronk, said.