Bank of America Clients With $489 Billion Finally Trust This Bull Market
- 79% in survey expect stronger economy, most since 2009
- BofA strategists say positioning isn’t ‘dangerously bullish’
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It took unprecedented stimulus and a rally that’s pushed equities near record highs, but fund managers overseeing $489 billion finally believe that this stock market recovery has legs.
Among investors surveyed by Bank of America Corp. in the week through Aug. 13, 46% described equities as being in a bull market, up from 40% in July. The share of skeptics who say it’s a “bear market rally” has dropped to 35% from 47% a month earlier. There are more signs of optimism: 79% of investors expect a stronger economy, the most upbeat result since December 2009, while 57% are betting on higher profits.