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Fund managers react to market’s latest melt-up

The S&P 500 crossed a historic threshold in July, but asset managers aren’t celebrating just yet. That’s the assessment from Bank of America Merrill Lynch’s Global Fund Manager Survey, which is titled “No champagne for SPX 3,000.” On July 12, the S&P 500 closed above 3,000 for the first time ever. Scott Gamm has more from the floor of the New York Stock Exchange.