By JEANNINE AVERSA and DAVE CARPENTER
AP Economics Writers
WASHINGTON – Gradually but steadily, Americans are recovering their vast loss of wealth from the recession, thanks to larger stock portfolios.
Household net worth grew 2.2 percent in the July-September quarter, fueled by a rally on Wall Street that catapulted stock prices. And stocks have risen more since the new quarter began Oct. 1, further boosting wealth.
Those increases are lifting hopes for the economy, especially because Congress seems about to pass a package of tax cuts for most Americans. Both factors help: The stock gains make people feel wealthier. And the tax cuts put more spending money in their pockets.