After unprecedented stimulus and a surge of gains, the stock market is approaching record highs, but fund managers who manage $489 billion are finally convinced that the rally can be sustained. In a bank of America survey for the week ending August 13, 46% of investors said the stock market was in a bull market, up from 40% in July. The proportion of skeptics who hold the view of “bear market rebound” has dropped to 35% from 47% a month ago. There are more signs of optimism: 79% of investors expect the economy to get stronger, the highest level of optimism since December 2009, and 57% are betting on profit growth. < / P > < p > the survey comes at a critical time for investors in the S & P 500 index. The stock market is hovering near a record high, and many market participants are considering whether to lock in profits or strive for more returns. Bank of America strategists said that although the monthly fund managers survey was the most bullish since February, it did not constitute an early warning signal. < / P > < p > “we don’t think multi positions are dangerous yet,” says strategists led by Michael Hartnett. The market may be in turmoil in September with concerns that US stimulus measures may peak, but a “disorderly” rise in yields is needed for “disorderly” falls in credit and stock markets. < p > < p > in addition to strong stimulus measures, expectations of a new crown vaccine have also driven the stock market up in recent weeks. Bank of America’s latest survey shows that fund managers expect vaccines to be available as early as the first quarter of 2021. To be sure, not all investors are optimistic. Only 17% expect the economy to rebound rapidly in a V-shape, while 37% expect a W-shaped phased recovery. < p > < p > compared with July, the asset rotation trend in the August survey was skewed towards euro zone and emerging market stocks. The euro zone is the most popular region in the stock survey, with the allocation ratio increasing by 17 percentage points to 33% over allotment, the highest level since May 2018. In contrast, the proportion of U.S. stocks allocated fell by 5 percentage points to 16% of net over allotment.