Investor confidence among the affluent remained at a reading of 2 for May, unchanged from the 12-month-high of the previous month, according to the Spectrem Group.

The Spectrem Affluent Investor Confidence Index measures the investment confidence and outlook of households with more than $500,000 of investable assets.

“Affluent investors in May expressed an increased interest is safer, more conservative vehicles such as bonds and cash,” said George H. Walper, Jr., president of Spectrem Group. “Given recent market levels, it is not surprising. It indicates their continued wariness that this year’s record high market rallies will continue.”

When asked which news stories influenced their outlook the most, ‘stock market conditions’ received the highest percentage points followed by news about unemployment.

Meanwhile, Spectrem's Millionaire Investor Confidence Index, which surveys households with more than $1 million of investable assets, dropped 3 points from last month to 5 for May.

Chicago-based Spectrem Group surveys 25,000 to 30,000 households each year to determine their financial needs and preferences. The Spectrem Millionaire Investor Confidence Index and the Affluent Investor Confidence Index are published monthly.