Fear fading on Wall Street as investors learn to love the new bull market

The Wall Street sign is pictured at the New York Stock Exchange in the Manhattan borough of New York City. – REUTERSPIXFear is ebbing on Wall Street, with stocks on a bull run in the midst of the global coronavirus pandemic.

Investors may well heed their advice: nearly 80% of fund managers surveyed by BofA Global Research, the highest level in more than a decade, expect the global economy to grow over the next year. The survey also showed falling allocations to cash, another sign of increasing bullishness. The increasingly bullish positioning dovetails with the messages coming from big Wall Street banks. Goldman Sachs, for instance, raised its year-end target for the S&P 500 earlier this week to 3,600 from 3,000, citing expectations for outsized growth in US corporate earnings and gross domestic product next year.

One concern is the potential of market volatility stemming from delayed or contested results in November's US presidential election. The Dow Jones Industrial Average fell 5% in two weeks on the heels of a vote recount in the 2000 presidential election, UBS noted.

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