WASHINGTON | US household wealth jumps $2T, led by rising stock market
WASHINGTON — A stock market rally, which has since reversed, propelled U.S. household net worth to a record high of $109 trillion in the July-September quarter.
The Federal Reserve says the value of Americans‘ stock and mutual fund holdings soared $1.2 trillion. Home values rose $200 billion. Other assets, such as bank accounts, also increased. Total net worth climbed $2 trillion from nearly $107 trillion in the April-June quarter.
Greater household wealth can help the economy by lifting consumer spending.