SAJJAD PURVEZ - Fed: Stocks gains boosted Americans' wealth last quarter; corporate cash reaches new high

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(Newsbox) 10-Mar-2011

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

SAJJAD PURVEZ - FOR IMMEDIATE RELEASE
AlbanyNew YorkUnited 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. 

Net worth is the value of assets such as homes, checking accounts and investments, minus debts like mortgages and credit cards. 

Americans' net worth still would have to rise an additional 16 percent to reach its pre-recession peak of $66 trillion. 

Courtesy: http://www.therepublic.com

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