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Data: Boston Consulting Group; Chart: Sara Wise/Axios

Just over half of investors (53%) are bullish on the S&P 500 over the next three years — even as the index sits at or near record levels, according to a bi-weekly sentiment survey released Thursday by Boston Consulting Group.

Why it matters: Strength in long-term market views was on full display over the past week, as stocks largely shrugged off seemingly negative data.

  • Major indexes had muted reactions to last Friday’s disappointing jobs numbers, the Colonial Pipeline cyberattack and higher-than-expected inflation data.

Yes, but: In the shorter term, many say they're slightly less optimistic than they had been. About 47% have a bullish view of the S&P 500 in 2022, down from 57% who held that view in July of last year.

  • The shrinking bullish contingent reflects the fact that valuations have expanded rapidly and the economic rebound is more priced in, Hady Farag, BCG partner and associate director, tells Axios.

Meanwhile, the economic recovery has shifted expectations for corporate behavior.

  • Just 54% think it’s important for healthy companies to focus on preserving liquidity, the lowest reading in the survey’s history. The high was 79% in April 2020.
  • And 56% believe companies should quickly access all available sources of debt financing, also a record low. It was at 73% last April.

On the flip side: More investors are now comfortable with companies maintaining dividends and doing share repurchases.

  • They also have lower tolerance for companies not meeting (or even providing) earnings guidance.

Go deeper

Biden warns gas stations not to price gouge: "That's not who we are"

Photo: Drew Angerer/Getty Images

President Biden on Thursday warned gas companies to not price gouge amid major shortages following the Colonial Pipeline cyberattack.

The big picture: Biden added that the FBI does not believe the Russian government is behind the attack, but they do know that those responsible "are living in Russia."

2 wildfires ravage Northern California homes as thousands evacuate

Firefighters monitoring the scene as flames from the Dixie Fire jump across highway 89 near Greenville, California, on Tuesday. Photo: Josh Edelson/AFP via Getty Images

Two massive California wildfires have triggered new mandatory evacuation orders for thousands of people and destroyed homes and businesses in the state's north overnight.

Details: The Dixie Fire, California's biggest blaze, razed houses and businesses as it ripped through the town of Greenville and surrounding areas in Plumas County Wednesday night. The rapidly spreading River Fire burned "multiple" homes as it tore through Placer and Nevada counties, KOVR notes.

Updated 1 hour ago - Sports

Olympics dashboard

Team USA's Ryan Crouser competing on Thursday in the men's Olympic shot put final in Tokyo, which he won. Photo: Andrej Isakovic/AFP via Getty Images

🥇: Ryan Crouser breaks his own Olympic shot put record to win gold for U.S.

🏐: U.S. Olympic beach volleyball duo one step away from realizing gold medal dream

🤼🏿‍♀️ "Making history": Mensah-Stock first Black woman to win Olympic wrestling gold

🛹: 2 teens and girl, 12, sweep board at women's park skateboarding

Go deeper: Full Axios coverage

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