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Even Bulls Are Getting Left in the Dust by the S&P 500 Rally

  • S&P 500 tops Wall Street’s highest target made in January
  • Fundstrat’s Lee and Weeden’s Purves latest to boost forecasts
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 13, 2017. The dollar slipped, Treasuries added to gains and U.S. stocks reached record highs after a core inflation reading slowed, adding to evidence that economic growth continues apace without stoking price increases.
Photographer: Michael Nagle/Bloomberg

You know a rally is moving into overdrive when it exceeds even the imagination of Wall Street stock forecasters.

Equity strategists, a group not exactly known for their skepticism, are seeing their best guesses left for dead as the S&P 500 Index piles on gain after gain, including five straight weekly rallies. At 2,553, the benchmark gauge now sits 53 points above the most optimistic of the 18 predictions that Bloomberg compiled at the start of 2017.