(Bloomberg) — A rally in several large technology companies drove stocks to all-time highs, with some prominent Wall Street strategists rushing to boost their targets even as many hedge funds grow increasingly cautious.
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The S&P 500 hit its 30th record this year, defying concerns about narrow breadth that could make the market more vulnerable to surprises. As traders geared up for retail-sales data and a slew of Federal Reserve speakers, Treasuries fell amid a flurry of high-grade corporate bond sales that exceeded $21 billion, led by Home Depot Inc. That’s ahead of Wednesday’s holiday.
Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts have pushed equities up about 15% this year, with ebbing inflation and the artificial-intelligence fervor also propeling equities higher.
“We believe the S&P 500 can reach 6,000 by year-end as the combination of better…
