STOCKS | U.S. Household Net Worth Hits Record High as Stocks Rebound

U.S. household wealth rose to a record high in the second quarter as the stock market rebound improved Americans' balance sheets. According to Sina Finance, the Federal Reserve said U.S. household net worth jumped by $12.8 trillion from the previous quarter to $195.9 trillion in the second quarter. Over the three months ended June 30, the value of stocks held directly and indirectly by residents increased by $10.7 trillion. The S&P 500 rose in the second quarter after falling sharply in March amid uncertainty and inflation concerns tied to the Iran war. The rebound in stocks helped support consumer spending amid rising prices. The Fed's report also showed that the value of real estate assets held by U.S. residents increased by $1.1 trillion.