According to a news release, the rise follows a 13-point decline in February, bringing the index off a near-record low of -34. Likewise, the Spectrem Affluent Investor index, which measures the outlook of households with $500,000 or more in investable assets, rose 8 points to 30—also mildly bearish territory. That follows a 10-point decline the prior month.

“Millionaires and the affluent showed a bit more optimism in March,” said George Walper, president of Spectrem Group, in the release. He cited the stock market’s improvement together with low energy prices and some good news on home construction as reasons for the improved outlook. “However it’s too early to know whether investment optimism is truly stabilizing for the nation’s wealthiest investors,” he said.

When asked an open-ended question about the most serious threat to achieving their financial goals, the largest number of affluent investors and millionaires cited the economy (27% and 28%, respectively), followed by market conditions (16% and 14%).