Fund managers say the path to future gains is a lot less clear after a relentless equity market rally that has pushed the ASX up 30 per cent and briefly past 6,000 points on Thursday, and Wall Street up 40 per cent, since March's lows.

The S&P/ASX 200 Index is now 31.8 per cent above its 2020 bottom and 16.3 per cent below its record high after rising 50 points to 5991.8 at the closing bell.

Anticipation of a snap economic recovery from the COVID-19 pandemic as markets lap up central bank and fiscal stimulus without signs of a second wave of infections to stall the momentum has fuelled the rally.

In Australia the government has rolled out measures to support the economy roughly equivalent to 10 per cent of GDP at the time they were announced, and the numbers are similarly large in other advanced economies.

Fund managers acknowledged the supportive backdrop but are broadly cautious on the outlook from here.

"People will come back to spending faster than we thought they would. Some of this is coming back into markets," PineBridge Investments global head of multi-asset, Michael Kelly, told a Morningstar investment conference on Thursday. He is focused on the large amounts of cash building in the US financial system.

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