Affluent investors, though generally comfortable with technology, believe fear of the year-2000 changeover will make market waves toward yearend, according to a survey.
Some 45% of 150 wealthy respondents to a recent survey expect the U.S. stock market to decline during the fourth quarter. The survey, released last week, was conducted for U.S. Trust Corp. by Financial Market Research; both companies are based in New York.
Financial markets overseas will function abnormally because of computer glitches, 73% of the respondents said. Some 38% predicted that U.S. financial markets will also falter.
However, most respondents expect technology to be an important contributor to economic growth in the early 21st century.
The respondents have household net worth exceeding $3 million or household adjusted gross annual income of $225,000 or more. The survey is U.S. Trust's 16th annual investor questionnaire.