Millionaires are souring on the stock market, reporting their lowest level of confidence in stocks in over a year.
The Spectrem Millionaire Investor Confidence Index, compiled by Spectrem Group, fell to its lowest level in 16 months, sliding to 6 from 15. The reading indicates that millionaires have gone from bullish to neutral. The survey also showed that millionaire plans to invest in stocks fell to their lowest level since the financial crisis.
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According to Spectrem, the main reason confidence fell among millionaires was the Fed and the prospect of rising interest rates.