The Federal Reserve's insistence on three rate cuts last month has fueled a broad rebound in U.S. equities, although recent hawkish comments from policymakers and strong economic data have weakened the rebound. Wells Fargo also raised its earnings-per-share estimate for the S&P 500 this year to $242 from $235. The revised target represents nearly 6.4% of upside from the index's 5,204.34 points at Friday's close.