Financial advisors entered 2009 with cautious optimism and, in many cases, continued faith in the stock market, according to two recent studies.

The Advisor Confidence Index (ACI), a monthly measure of advisors' outlook, was up 1% in January, according to Rydex AdvisorBenchmarking.

Advisors surveyed in January were "cautiously more optimistic" about the economy and stock market, largely because of plans for government stimulus, according to Rydex.

"In the second half of 2009 we expect to see gradual improvement from the numerous stimulus packages and a stabilizing," Jim Elder of ElderAdo Financial in Montrose, Colo., told Rydex.

In a separate study by OppenheimerFunds, many advisors indicated that, despite their concerns about the credit crisis, the recession and market volatility, they remain committed to investing in the stock market.

Asked how these concerns would impact their investment strategy, 39% said they would not adjust their clients' portfolios, 18% said they would shift assets toward bonds and 13% said they would shift toward equities.

A majority of advisors, 59%, felt that stocks could achieve double-digit returns in 2009 and 42% felt the Dow Jones industrial average will be between 9,000 and 10.499 in a year.

"It is apparent that that advisors are still following a long-term investing strategy," says Brian Levitt, economist at OppenheimerFunds. "Despite economic concerns, advisors remain committed to staying the course."