SAJJAD PURVEZ - Fed: Stocks gains boosted Americans' wealth last quarter; corporate cash reaches new high
SAJJAD PURVEZ - FOR IMMEDIATE RELEASE Albany, New York, United States of America March 10, 2011 -- WASHINGTON — Americans' wealth grew 3.8 percent in the final three months of 2010
Albany, New York, United States of America March 10, 2011 --
WASHINGTON — Americans' wealth grew 3.8 percent in the final three months of 2010, boosted by gains in stock portfolios. Companies, meanwhile, added to their cash stockpiles, which reached their highest point in more than a half-century.
The Federal Reserve says household net worth rose to $56.8 trillion in the October-December quarter, even though the value of real-estate holdings fell. The gain last quarter exceeded the 2.6 percent increase in net worth in the July-September period.
So far this year, stocks have risen more than 3 percent.
Americans' net worth still would have to rise an additional 16 percent to reach its pre-recession peak of $66 trillion.
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