Wells Fargo predicts that the S&P 500 Index could reach 6,600 by the end of the year.

Wells Fargo expects the S&P 500 index to be unlikely to achieve another 20% gain in a row this year.

Scott Wren, senior global market strategist at Wells Fargo Investment Institute, noted that a 20% gain in a row for the S&P 500 is very rare. The index has only done it once since its inception in 1957, during the economic boom of the 1990s, when it gained more than 20% for four consecutive years. Wren doesn't expect the S&P 500 to do it again in 2025.

The S&P 500 has only done it once since 1957, when it gained 34%, 20%, 31% and 26% in 1995-1998, followed by a 19.5% gain in 1999 and a bust in the internet bubble in 2000.

Wren remains optimistic about the market outlook, expecting strong economic growth to support further gains, and expects the S&P 500 to reach 6600 by the end of the year, up about 12% from the end of last year. He favors growth and value stocks and avoids defensive sectors.

While unlikely to achieve another 20% gain in a row, Wren believes that a good return is still possible this year with the right portfolio positioning.