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Illustration: Aïda Amer/Axios

Fund managers surveyed by Bank of America are more optimistic about the stock market now than they’ve been in more than two years. The bank surveyed 216 fund managers who collectively oversee $573 billion.

Worth noting: The survey began as U.S. election results trickled in. It was still in progress when Pfizer and BioNTech released promising data about the efficacy of their coronavirus vaccine.

What they’re saying: “We say 'sell the vaccine' in coming weeks and months as we think we're close to 'full bull,'” Bank of America strategists wrote in a note responding to the survey’s results.

Details: A net 46% of fund managers are overweight equities — the highest share since January 2018.

  • A net 6% are taking higher than normal risk levels — another high dating back to January 2018.
  • Fund managers’ cash holdings fell below the pre-pandemic level — and are at the lowest in five years.

On the shape of the economic recovery ... 39% of investors believed there would be a “double-dip” recession, or W-shaped recovery. 24% said it would be U-shaped, while another 23% said the recovery would be V-shaped. (Notably missing: the “K-shaped” recovery.)

Go deeper

Updated Jan 8, 2021 - Economy & Business

U.S. sheds 140,000 jobs in December, halting labor market recovery

Data: BLS; Chart: Axios Visuals

The U.S. economy shed 140,000 jobs in December, while the unemployment rate held at 6.7%, the government said on Friday.

Why it matters: The job market recovery that had been underway for the past seven months ended last month, buckling from the pressure of the coronavirus pandemic.

Dave Lawler, author of World
2 hours ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."

Scoop: Leaked HHS docs spotlight Biden's child migrant dilemma

A group of undocumented immigrants walk toward a Customs and Border Patrol station after being apprehended. Photo: Sergio Flores/The Washington Post via Getty Images

Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.

Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.