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WASHINGTON (AP) — A healthy increase in home values and higher stock prices drove up U.S. household wealth in the July-September quarter, though the gains are largely concentrated among wealthier Americans.
A month-long rally on Wall Street, sparked by Donald Trump's election as U.S. president, extended on Thursday, driving major Wall Street indexes to record highs. Investors have been betting on stocks of industrial and financial companies as they expect these sectors to benefit the most from Trump's promise to spend more on infrastructure and simplify regulations. "The market is projecting a lot more confidence in future growth, and I don't expect any big pullback to derail the rally until the end of the year," said Chris Story, senior trader at Manulife Asset Management in Boston, Massachusetts.