The percentage of fund managers deeming U.S. stocks attractive is at the highest level in nearly five years, a recent survey found
.S. stocks have staged a furious rebound since late March, leaving global markets behind.
Optimism about state and business reopenings and the potential development of a coronavirus vaccine has lifted the S&P 500 36% from its March low, cutting its losses for the year to 5.8%. The index rallied 3% last week to cap its best two-month stretch since 2009.
The Stoxx Europe 600, meanwhile, is down 16% in 2020, and Hong Kong’s Hang Seng Index is off 19%.
Investors point to a booming technology sector and an unprecedented amount of stimulus from the Federal Reserve as reasons for the outperformance. The percentage of fund managers who deem U.S. stocks attractive has risen to the highest level in nearly five years, according to a recent Bank of America Global Fund Manager Survey.