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

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%.

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.

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.

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%.