Buoyant stocks lift US household wealth, mainly for affluent

Staff Writer

WASHINGTON (AP) — A rising stock market lifted U.S. household wealth to a record $106.9 trillion in the April-June quarter, the culmination of a decade of economic recovery but a gain that is concentrated largely among the most affluent.
The value of Americans' stock and mutual fund portfolios rose $800 billion last quarter, while home values increased $600 billion, the Federal Reserve said Thursday. Total household wealth is now 2.1 percent higher than in the first quarter, when it was $104.7 trillion.
The Fed's report came on a day when a wave of buying on Wall Street sent U.S. stocks surging, lifting both the Dow Jones Industrial Average and the Standard & Poor's 500 to all-time highs...To read more, please refer to our print or online edition.