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

Citi strategists raised their year-end target for the S&P 500 to 5,600 from 5,100 previously, becoming the third Wall Street firm since Friday after Goldman Sachs and Evercore ISI to raise their expectations for the benchmark index.Strategists led by Scott Chronert wrote in a client report Monday that continued earnings upgrades and the expansion of profit growth into non tech stocks prompted the target level increase. The latest forecast implies a rise of about 2 percent from Monday's levels. Citi raised its full-year earnings-per-share estimate to $250 from $245.