Sept. 24 (Bloomberg) -- The Federal Reserve has driven most stock market bears into hibernation.

From UBS AG to Deutsche Bank AG and Citigroup Inc., Wall Street strategists are the most bullish they've been since 2000 after the U.S. housing slump erased $5.6 trillion from global equity markets and prompted the Fed to cut interest rates.

Wells Capital Management and MFS Investment Management, which together oversee $375 billion in assets, are adding or looking to buy shares of banks, retailers, and technology companies on expectations lower borrowing costs and expanding economies across Europe and Asia will spur profit growth.

``You couldn't mix a better drink for the stock market,'' said James Paulsen, who helps oversee $175 billion as chief investment strategist at Wells Capital in Minneapolis.

Investors have been celebrating since the Fed's surprise half-point rate cut Sept. 18 sent the Morgan Stanley Capital International World Index of 23 developed markets on its biggest two-day rally since June 2006. They snapped up shares of commodity producers and industrial companies -- which became cheap last month after global stock prices fell to the least expensive in 12 years and will benefit the most when the economy grows.

Old Joe