“It looks like all those fund managers over the past quarter went from being bearish and expecting a stock market crash to now bullish,” Shawn Cruz, senior market strategist at TD Ameritrade, said in an interview. “Sentiment’s turned positive about equities in general but also sentiment is turning positive for a return to growth.”

The tide is getting harder to fight with retail investors flocking to unprofitable companies such as Nikola Corp. and Moderna Inc. More money managers are forced to embrace the rally, ignoring this year’s profit contraction and banking on fiscal and monetary stimulus. At 26 times forecast earnings, the S&P 500 was trading at the highest multiple since the dot-com era.