Federal Reserve Chairman Jerome Powell, who testified before the Senate Banking Committee on Tuesday about the state of the economy, didn't say anything that would cause a downward revision to one strategist's bullish 3,000 year-end S&P 500 price target.

That's the assessment from Brad McMillan, chief investment officer of Commonwealth Financial Network. 

The S&P 500 crossed 2,800 last Friday and remains above that threshold. A move to 3,000 would represent a roughly 7% increase from the broad index's current level of 2,805.

Want exclusive investing insight from Jim Cramer? Get 24/7 access to Jim's charitable trust portfolio with a free trial to Action Alerts PLUS!

 

 

 

More from Video

Canopy Growth CEO: Here's What the Future of Cannabis Looks Like for Investors

Canopy Growth CEO: Here's What the Future of Cannabis Looks Like for Investors

Market of the Week: Euro FX

Market of the Week: Euro FX

Bye, Bye, Bye Sears: The Week Ahead

Bye, Bye, Bye Sears: The Week Ahead

How to Be a Tactical Investor in the Current Market

How to Be a Tactical Investor in the Current Market

Cannabis Legalized in Canada: Keys for Sellers to Unlock Huge Market Opportunity

Cannabis Legalized in Canada: Keys for Sellers to Unlock Huge Market Opportunity