Bank of America’s Global Fund Manager Survey revealed the lowest cash allocation on record, signaling bullish investor sentiment as equities near the end of a strong year. The December survey showed an average net 14% underweight position in cash versus stocks, the largest underweight since the survey began in 2001. The S&P 500 is on track to end 2024 up over 26% at nearly 6,050, far exceeding earlier forecasts 5,200. Meanwhile, the Dow Jones Industrial Average is experiencing its longest daily losing streak since the 1970s.