Wednesday, November 20, 2013

The Stock Market Delivers for the White and Wealthy

The Stock Market Delivers for the White and Wealthy

Unfortunately, only about half of Americans have gotten to share in the bull market.
TheStreet.com

The Stock Market Delivers for the White and Wealthy

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NEW YORK (MainStreet) — The Dow Jones Average broke 16,000 on Monday, a new high for the blue-chip index. The S&P 500 joined the fanfare, having a record breaking day at 1,800 points for the first time in the history. The Nasdaq Composite, a marketplace generally associate with technology companies, climbed to its highest level in 13 years. By anyone's measure, the stock market is having a fantastic year.
Unfortunately, only about half of Americans have gotten to share it.
According to recent numbers from Pew Research, nearly half of Americans don't own stocks, bonds or any other form of market investment.
"Gallup's annual economy and finance survey, conducted in April, found 52% of Americans saying they owned stock, either directly or through a mutual fund, retirement account or other investment vehicle," according to a report from Pew. "The ownership share dropped sharply after the 2007-08 financial crisis and has continued falling throughout the nation's wobbly recovery."
Pew found that ownership of stocks tends to be defined by age, race and socioeconomic status, with most investors generally older, white and wealthy. In fact, 55% of white people surveyed said that they have money in the stock market, compared to 28% of black people and 17% of Hispanics.
Age also plays an enormous factor. Survey participants aged 30 to 64 were more than twice as likely to have money invested than anyone between 18 and 29, the "Millennial" generation. In fact, only 24% of respondents under 30 had money invested in the stock market, leaving them out of the year's recent windfall altogether.

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