Adviser confidence in the economy and the stock market grew in June, according to Rydex SGI AdvisorBenchmarking.

The Rockville, Md., company's advisor confidence index, which gauges adviser views on the U.S. economy and stock market, rose nearly 4%, to 104.02, from the May level. This was the index's second consecutive monthly increase and its highest mark since October 2007.

The index measures progress in interest rate spreads, money supply, stock prices, consumer expectations and building permits.

"Right now, it is: 'Things are less bad than we thought.' Somehow that has become good," said Peter Wheeler, an analyst at Wheeler/Frost Associates.

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