Wealthy US investors grew more cautious in June due to concern about the economy and a month of choppy markets, according to a monthly survey released on Thursday. The Spectrem Affluent Investors Index fell 4 points in June to a reading of 7, returning to April's number.
The study measures the investment outlook of households with $500,000 or more in investable assets. Retreating from a 15-month high in May, Spectrem's Millionaire Investor Index also retreated to April levels.
While both readings were higher than March's numbers, which reflected February's global equities sell-off, the survey results suggested a return to caution in the wake of rising bond yields, turbulence in the subprime credit markets and a shaky daily equities outlook that characterised June investments.
The investors surveyed ranked the economy as the biggest threat to household financial goals, ahead of oil and gas prices. "Affluent investors and millionaires both ended the first half of 2007 on a down note," said George Walper, president of Spectrem Group.
The Standard and Poor's 500 index fell 1.78 percent in June, only its second monthly decline in the past 13 months, in rocky trading. The blue chip Dow Jones industrial average had several daily point swings of nearly 200 points.
Comments
Comments are closed for this article.