Citigroup raises year-end target for S&P 500 to 5,600

Citigroup strategist has raised the year-end target for the S&P 500 index from the previous 5,100 points to 5,600 points, becoming the third Wall Street company to raise its expectations for the benchmark index since last Friday, following Goldman Sachs and Evercore ISI. Strategist Scott Chronert wrote in a client report on Monday that continued profit upgrades and profit growth expanding to non-tech stocks prompted the target to be raised. The latest forecast implies a 2% increase from Monday's level. Citigroup raised its full-year earnings per share forecast from $245 to $250.