Most U.S. money managers bullish on market-Barron’s

Nearly two-thirds of U.S. money managers are bullish about the stock market through the middle of next year, Barron’s business weekly said on Sunday.

“Today’s bullish investors see the major stock indexes making steady progress through next June, amid signs the U.S. economy is on the mend after a searing recession.” the publication said in its fall survey of money managers.

With 54 percent of respondents who were bullish and 5 percent very bullish, it was a sign “the pros regarded the market as severely oversold when the Dow Jones Industrial Average fell to 6547 in early March — a 12-year low,” Barron’s said.

Based on the poll’s responses, the Dow industrials could climb another 5 percent to 10,187 by year’s end, it said.

Money managers expect three sectors to outperform in the next six to 12 months — technology, energy and health care. Metals and mining stocks are favored, but the managers are bullish to neutral on oil, with crude prices expected to stay elevated around $70 to $75 a barrel.

The poorest performers are expected to be financials and consumer cyclical shares, Barron’s said.