New York (CNN Business) The US stock market is at near record levels. So why are some investors still sitting on the sidelines?

S&P 500 SPX Dow INDU The-- the broadest measure of America's stock market -- closed at another all-time high on Wednesday. The index has climbed more than 4.5% this year. Theis a whisker away from 30,000 points.

The global coronavirus outbreak has added to this skepticism, as the But volatility, geopolitical risks and political uncertainty are keeping ultra-cautious investors out of stocks, according to market participants.The global coronavirus outbreak has added to this skepticism, as the economic fallout from the disease remains to be determined

Yet there's less money in the market right now than there was during the 2007-2009 recession as measured by the value of money market assets, said Brent Schutte, chief investment strategist at Northwestern Mutual.

"Money market fund levels are still just at levels of 2009, even though they spiked all of last year," said Schutte.

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