WASHINGTON | US household wealth jumps $2T, led by rising stock market

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.

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