Pessimism on U.S. stocks remained at a four-year high, according to an Investors Intelligence survey, amid concern the housing slump may lead to a recession.
The proportion of bearish newsletter writers was unchanged at 37.4 percent in the week ended Aug. 24, the highest since March 2003, New Rochelle, New York-based Investors Intelligence said. Bullish, or optimistic, writers gained for the first time in five weeks, rising to 41.7 percent from 40.6 percent.
Those surveyed who said they expect a so-called correction, or 10 percent slide, in the stock market during the next 12 months fell for an eighth week to 20.9 percent, the lowest since Dec. 15.
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The Investors Intelligence survey is compiled from about 120 newsletter writers.