Oil Price Concerns Dim Outlook for Investors
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Investor optimism about U.S. stocks and the economy declined recently amid concern about inflation, unemployment and continued economic growth, according to the latest monthly survey by PaineWebber Inc. and the Gallup Organization, released Monday.
About 58% of respondents said rising oil prices will create inflationary pressure in the economy. As a result, investors are more pessimistic about inflation and unemployment than in the recent past. This month, 69% of investors said they were optimistic about the economy, versus 76% in February.
The survey’s index of investor optimism fell 27 points to 151 in March. The poll began in October 1996 with a baseline of 100. The most recent survey was conducted during the first two weeks of March, when the Nasdaq composite index fell about 7%.
Investors were slightly less positive regarding financial markets this month compared with February. The number of investors who expect stocks to rise in the next three months fell to 28% from 33%.
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