Many fund managers remain bullish about U.S. stocks, with most of them thinking the market’s recent rally still has further to run. Just 19 percent of investors think January's peak represented the top of a bull run that began nine years ago, according to Bank of America Merrill Lynch’s monthly survey of fund managers.
Three-quarters (76 percent) of the fund managers surveyed thought equities would keep climbing. Almost half of them said stocks would remain strong until 2019 or beyond.
Although U.S. equities have recovered some over the past two weeks, the S&P 500 remains more than 5 percent off its January high. The index hasn't notched a record close since January 26, before a sudden burst of volatility rattled world markets.