WASHINGTON – The net worth of American households fell by the largest amount in more than a half-century of record keeping during the fourth quarter of last year.
The Federal Reserve said Thursday that household net worth dropped by a record 9 percent from the level in the third quarter.
The decline was the sixth straight quarterly drop in net worth and underscored the battering that U.S. families are undergoing in the midst of a steep recession with unemployment surging and the value of their homes and investments plunging.
http://news.yahoo.com/s/ap/20090312/ap_on_bi_go_ec_fi/consumer_financesNEW YORK – Investors have been clamoring for months for a bit of good news. On Thursday, they got a load of it.
The Dow Jones industrials shot up about 240 points, bringing its gains over the past three days to more than 600 points. It is the index's biggest three-day jump since last November.
The gains came as an accounting board told Congress it may recommend a let-up in accounting rules for troubled banks.
Stocks also got a boost after Bank of America's CEO said the company has been profitable this year and General Electric got its credit rating cut less than expected. General Motors also said it will not need a $2 billion loan it previously requested from the government.
http://news.yahoo.com/s/ap/20090312/ap_on_bi_st_ma_re/wall_street