Bull Market Hits a Milestone: 3,453 Days. Most Americans Aren’t at the Party.
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The party has been going for more than a decade. But a lot of Americans haven’t been celebrating.
Stocks will cross a major threshold on Wednesday, when the 10-year-old bull market will arguably become the longest on record.
It ranks among the great booms in American market history. The Standard & Poor’s 500-stock index has soared more than 320 percent since emerging from the rubble of the financial crisis in March 2009, creating more than $18 trillion in wealth.
But the gains haven’t been spread among the masses. Stock market wealth is heavily concentrated among the richest families.
As the stock market surged, prices for homes — the most important source and store of wealth for the American middle class — recovered much more slowly from the Great Recession and housing bust. Incomes, too, have barely budged, despite steady economic growth in recent years.
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