Jinse Finance reported that Wall Street veteran strategist Ed Yardeni has raised his year-end baseline target for the S&P 500 index from the previous 6,600 points to 6,800 points. He also believes there is a 25% chance that this benchmark index of the US stock market could experience a "melt-up" to 7,000 points within the period. The new target implies a further 4.1% increase from Wednesday's closing level of 6,532 points. Yardeni attributes the new target to stable inflation data and expectations of a Federal Reserve rate cut next week.