The coronavirus pandemic has dampened short-term optimism about the stock market and the economy among high-net-worth investors, but they are now significantly more optimistic about the U.S. economy for the longer term, according to a recent survey.

Around 35% of wealthy investors are optimistic about the outlook for the S&P 500, down 29% from those who were optimistic in January, according to a UBS survey. UBS surveyed 1,895 U.S. investors with at least $1 million in investable assets in a survey conducted from March 7 to 13 and in another survey of 915 investors conducted from Dec. 26, 2019 to Jan. 7, 2020.

At the same time, 47% of HNW investors are now pessimistic about the S&P 500 outlook, 33% higher than the number of investors who were pessimistic in January, UBS found.

Additionally, 39% of investors are optimistic about the short-term outlook for the U.S. economy, down 29% from investors with a positive short-term outlook in January. And 48% of investors are now pessimistic about the U.S. economy's short-term outlook, an increase of 32% from the number who felt that way at the beginning of the year, according to the surveys.

Nonetheless, 77% of investors are optimistic about the U.S. economy over the long term, which is 11% higher than those who felt that way in the January survey, UBS says. And only 8% are pessimistic about the economy's long-term prospects — a 6% drop from January, according to the surveys.

And that’s despite 76% of investors polled believing that COVID-19 will have a negative impact on the economy, UBS found.

In fact, 35% of investors believe it’s already a good time to buy equities, although 44% say they’ll wait for the market to drop another 5% to 20%, and 21% believe that we’ve entered a bear market, according to the survey.

More than 187,000 people have tested positive for the coronavirus in 161 countries and territories and at least 7,495 have died worldwide, according to Reuters.

In the U.S., the virus has infected at least 5,002 people in 49 states, Washington, D.C., and three U.S. territories, and at least 93 people have died as a result, according to the New York Times.

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