U.S. households have reached a record allocation of 43.4% of their financial assets in stocks as of the third quarter of 2024, surpassing previous peaks seen in 2021, 2000, and 1969, which preceded bear markets in the S&P 500. This increase in stock ownership is accompanied by a bullish sentiment among consumers, with 56% expecting higher stock prices over the next year, the highest level recorded since this question was first posed in 1987. Additionally, 66% of U.S. adults anticipate gains in the stock market, while 54% expect increasing or full employment. Institutional investors are also heavily invested, with their allocation to U.S. stocks reaching a record 36%, coinciding with the lowest cash allocation since 2001, indicating a strong commitment to equities despite concerns over market valuation.