Market ‘Sugar High’ Will Send Stocks to Record, Wells Fargo Says

The war in Iran may be ongoing, but traders have largely moved on, as a number of bullish catalysts in the coming months are poised to propel the S&P 500 Index to new highs, according to Wells Fargo Securities.

The broad US stock market benchmark could rise to as high as 7,300 by July, a 6% jump from Monday’s closing level, the firm’s equities strategists led by Ohsung Kwon wrote in a note to clients dated Monday. The “three months of sugar high” will be driven by the Trump administration’s tax program, an expected pickup in manufacturing activity, technology companies monetizing their artificial intelligence investments and the World Cup being hosted in the US, according to the team.