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.

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