Rising stock market boosts Americans’ net worth
The rising stock market is making Americans richer.
A powerful surge in stock prices that began in early October helped boost Americans’ net worth 2.1% in the fourth quarter, according to data released Thursday by the Federal Reserve.
Investor stock portfolios jumped nearly 10% in the final three months of the year, as the Standard & Poor’s 500 index rose 11%.
Overall net worth rose to $58.5 trillion, up nearly 20% from the early-2009 low that followed the global financial crisis. But Americans’ total wealth is still less than the $63.5-trillion level in mid-2007.
In a sign that Americans are feeling more comfortable about their finances and job security, household debt levels rose 0.25%, the first increase since mid-2008, according to the Fed.
One sour note: the continued decline in home values, which dipped 1.3% during the fourth quarter.
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