Fundstrat's Tom Lee sees stock market rally of more than 7% before year end

Fundstrat Global Advisors research chief Thomas Lee raised his year-end price target for the S&P 500 on Wednesday to 4,800 -- some 7% above current levels. Lee, who's also Fundstrat's managing partner, told CNBC his boosted the forecast because seasonal and technical factors point to bounce headed into the year's final months. "Equities are exiting a one-month consolidation ... that's happened twice earlier this year. Both times resulted in more than a 7% rally over the following eight weeks," he said. Lee acknowledged that the market faced potential headwinds from inflation and changing Fed policy, but argued that recent signals from these areas have been relatively benign. "Sometimes the market looks at 'less bad' as good," he said. The expert pointed to a pullback in prices for things like used cars and lumber as signs that the near-term inflation risk has eased. He also noted that the economy continues to have