Reuters reports that Goldman Sachs lifted its 2020 S&P 500 target to 3,700 points after a much-awaited positive vaccine announcement and Joe Biden's U.S. election win triggered a rally in global stock markets.

“Despite investor focus on the prospective policy implications of the Biden presidency, the vaccine for COVID-19 is a more important determinant of the path of both the economy and stock market in 2021,” the U.S. investment bank wrote in a note to clients.

It sees the S&P 500 hitting 4,300 at year-end 2021, a 21% jump from Tuesday’s closing levels.

JPMorgan said on Monday that it expected the S&P 500 to hit 4,000 points by early 2021.