Fidelity's Affluent Investors Have Dampened Outlook
Boston-based Fidelity Investments said a majority of its more affluent customers believe a double dip recession is likely or already here.
The financial services company polled more than 3,000 affluent customers and found their outlook dampened by economic events in the United States and abroad.
• About 65 percent believe the European debt crisis will affect the U.S. equities market for at least a year
• Nearly two-thirds believe the S&P 500 will end the year flat or down
• 82 percent said historically low interest rates were reducing their investment incomes
• 64 percent felt a double dip recession is likely or already here
• Potential income tax increases were the largest concern (39 percent)
• 73 percent said a large drop in the unemployment rate is needed to spur growth
• 61 percent believe companies should use cash for capital improvements and hiring instead of holding it in reserve or paying dividends
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