Wealthy Americans Have Less Doubt About Market Rally, Economy, But Still Fear Stock Investing
The U.S. stock market recovered from the March bottom so fast that many wealthy investors are not sure what move to make next. Millionaire investors are more upbeat about the market and economy than they were one quarter ago.
The Dow Jones Industrial Average and S&P 500 just completed three consecutive weeks of gains. But as coronavirus cases have continued to increase in July and polling has showed increased support for Democratic presidential candidate Joe Biden, many among affluent investors remain unconvinced that they should continue to add risk in stocks.
“From a sentiment perspective, people are still not sure it will last, still trying to figure it out and the last few months things have really risen considerably, the risk assets,” said Mike Loewengart, chief investment officer at E-Trade Financial’s capital management unit. “Given what’s transpired they are still optimistic, but cautious.” Read more…………..
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Yahoo Finance’s Brian Cheung joins Zack Guzman to discuss Ben Bernanke’s latest op-ed on coronavirus fiscal stimulus in the New York Times.