After reaching a 20-year high in the first quarter, U.S. investor optimism tumbled in the second quarter amid mounting economic fallout from COVID-19, as indicated by a quarterly survey released Wednesday by Wells Fargo and Gallup. 

The Wells Fargo/Gallup Investor and Retirement Optimism Index, based on interviews conducted May 11-17, is now the lowest it has been since the fourth quarter of 2013. Yet even as investors’ 12-month outlook for their own investments is down sharply, most remain optimistic about reaching their five-year investing goals.

The Index fell 134 points this quarter to +4, which was the largest short-term drop for the Index since its inception in 1996. 

Despite this quarter’s unprecedented drop in the investor index, 6 in 10 investors continue to say now is a good time to invest in the financial markets.

“Investors are displaying remarkable resilience at an unprecedented time,” Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute, said in a release. “Numerous trends in the poll confirm that investors view recent market disruption as episodic and temporary, not as a sign of systemic problems that will harm their investments in the long term or compel them to reallocate their assets.”

Nearly 7 in 10 investors said they currently feel very (21%) or somewhat (48%) confident about investing in the stock market as a way to build wealth for retirement, which is unchanged from a year ago. Just 8% of investors see the current stock market environment as a time to decrease their stock holdings to protect against further losses. About half say it’s a time to hold what they have and wait for the market to come back, while 35% see it as a buying opportunity.

A majority of investors (64%) said setting aside more money in an emergency fund is a change they would make to their financial or investing strategy as a result of the coronavirus. Close to half said they are very or somewhat likely to spend more time creating a long-term financial plan.