Wells Fargo Slashes S&P 500 Target, Says Fed Has Made a ‘Policy Mistake’
- With target at 2,665, Harvey now least bullish strategist
- At least four strategists have lowered expectations for stocks
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Wells Fargo cut estimates for stocks next year on concern the Federal Reserve is making a policy mistake that will throttle economic growth.
Chris Harvey, head of equity strategy at the bank, cut his year-end target for the S&P 500 Index to 2,665 from 3,079. While the new forecast represents a 10 percent gain from current levels, he replaced Michael Purves at Weeden & Co. as the biggest equity bear among strategists tracked by Bloomberg.