David Bianco, chief U.S. equity strategist at Bank of America Corp., raised his profit estimates for the Standard & Poor’s 500 Index citing an improving economy led by business spending.

Bianco also raised his 12-month target for the S&P 500 to 1,400 from 1,350. The main benchmark for American equities rose 0.8 percent to 1,215.49 as of 10:39 a.m. in New York.

Companies in the index will earn a combined $85 a share this year, $93 a share in 2011 and $99 a share in 2012, Bianco said in a report today. His previous forecasts were $83, $90 and $95. The S&P 500 is likely to earn a combined $22.25 in the current quarter, Bianco said.