Is Bull Market Just About Finished?

Photo: jayperoni.com

(CNN Money) By Maureen Farrell - The world's top mutual fund managers say the U.S. stock rally is about to come to an end.

More than half, or 58%, of 253 fund managers surveyed by Bank of America Merrill Lynch say stocks are the most overvalued investments in the world. That's up from 51% in an August survey.

Many investors and market watchers have been confounded by the U.S. stock market rally of 2012 amid what appears to be slowing global growth. All three major U.S. stock indexes have inked double digit gains in 2012 with the Nasdaq (COMP) jumping 22%.

What keeps fund managers up at night is potential inaction by Congress on the issue of the so-called fiscal cliff.

"Investors now view the U.S. fiscal cliff as a greater threat than the eurozone -- and the upcoming election is putting these fears into sharper focus," said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research, in a statement. Read full story