Money managers began accumulating more equities and paring back on bonds after President Bush was reelected in November.
A survey conducted by Reuters shows portfolio managers' average stock weightings in November rose to 65.6% from 54.3% during the previous month. Bond holdings slid dramatically to 27.1% in November from 41.1% in October.
But cash holdings, probably buoyed by the flagging U.S. dollar, rose in November to 5.2% from 2.3% in October. The pollsters linked the portfolio managers' renewed interest in equities to confidence in President Bush's pro-business politics.