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U.S. markets rise to green for the week; household net worth hits new record

The Dow Jones Industrial Average gained more than 500 points on Thursday as all three major indexes rose into positive territory for the week. File Photo by John Angelillo/UPI
The Dow Jones Industrial Average gained more than 500 points on Thursday as all three major indexes rose into positive territory for the week. File Photo by John Angelillo/UPI | License Photo

Sept. 23 (UPI) -- U.S. markets rose back into the green for the week Thursday as the Federal Reserve reported that U.S. household net worth hit a new record.

The Dow Jones Industrial Average gained 506.5 points, or 1.48%, while the S&P 500 climbed 1.21% and the Nasdaq Composite closed the day up 1.04%.

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Thursday's gains saw all three major indexes arrive in positive territory for the week after early losses with the Dow up 0.5%, the S&P gaining 0.3% and the Nasdaq eking out a gain of 0.06%.

Markets rose as the Federal Reserve reported that household net worth in the United States rose by $5.8 trillion, or 4.3%, to $141.7 trillion in the second quarter of the fiscal year.

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The rise included a $3.5 trillion gain in the value of equities and a $1.2 trillion increase in real estate held by households.

Debt, however, also rose with business debt outstanding rising by $63.2 billion to a total of nearly $18 trillion, while outstanding federal debt climbed by $578.8 billion to $24.7 trillion.

Consumer credit outstanding not including mortgage debt also rose by $91.2 billion.

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Salesforce led the Dow gaining 7.2% after raising its fiscal year 2022 guidance to the range of $26.25 billion to $26.35 billion up from $26.31 billion.

Energy stocks rose with APA Corp. and Devon Energy both rising more than 7% as West Texas Intermediate crude futures rose to $73.50 per barrel, its highest price since Aug. 2.

Bank stocks also rose as the 10-year treasury yield rose to 14.10 with as JPMorgan, Bank of America and Citigroup all rose more than 3%.

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