Rising stock markets push U.S. household wealth to a record high

U.S. household wealth rose to a record in the third quarter, buoyed by a pre-election stock market rally, according to a report released by the Federal Reserve on Thursday. The value of U.S. households’ assets rose nearly $4.8 trillion, or 2.9%, to $16.88 trillion in the third quarter from the previous quarter, the Fed said. The value of stocks held by U.S. households increased by $3.8 trillion, while the value of real estate fell by nearly $200 billion.