BMO says its bull case scenario of S&P 500 at 5,050 is 'becoming increasingly more likely'

BMO's bull case outcome is higher than every estimate in the CNBC Market Strategist Survey.

The stock market is set up for a year-end rally that could blow away Wall Street estimates, according to BMO Capital Markets. Chief investment strategist Brian Belski said in a note to clients Tuesday night that strong fundamentals and seasonal trends could lead to the S & P 500 rallying more than 12% before the end of the year.

Even with an August slump for the stock market, the S & P 500 is still up 16% year to date. .SPX YTD mountain The S & P 500 is up 17% year to date. Belski's official year-end prediction for the S & P 500 is still 4,550, which is about 1.2% above where the index closed Tuesday. No major Wall Street firm has a year-end target above 5,000, according to the CNBC Market Strategist Survey .

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