Seven in 10 investors in a new survey saw the Nov. 3 election results as positive for stocks, and four in five saw recently reported progress on a coronavirus vaccine as positive as well, UBS Global Wealth Management reported Thursday.
UBS surveyed 1,000 U.S. investors with at least $1 million in investable assets, and 500 U.S. business owners with at least $1 million in annual revenue and at least one employee other than themselves (none UBS clients specifically) from Nov. 9 to Nov. 12.
In one significant finding, 72% of investors said they were highly confident in the election process, as did 73% of business owners.
The two groups differed, however, on which party would control the Senate after two runoff elections in Georgia, scheduled for January: 51% of business owners said the Democrats, while 50% of investors said the Republicans, with 13% of investors saying they were unsure.
Sixty-three percent of investors expressed optimism about the economy over the next 12 months and 79% about the outlook five years out.