The stock market hit another record high on Wednesday alongside a lack of signals from the Federal Reserve that it plans to prematurely put the brakes on the U.S. economy.It might seem weird that a U.S. government entity would try to slow down the American economy. But the Fed does exactly that when it worries the U.S. economy is growing so fast that prices could start to spiral out of control.
But there’s no sign of serious inflation yet. So the Fed sent a signal to the markets in its interest rate decision by holding rates flat. Translation? Rock on, folks — for now. And the market got the message, too. The S&P rose 0.70 point to 2477.83, a new record.Other things to know after the market’s record climb:
- The S&P has nearly quadrupled from its post-crash lows set in March 2009.
- Just over half of Americans now own stocks, compared to over 60 percent before the crash. And more of the holdings are now concentrated among people over 65, according to recent Gallup polling.
- Trillions of dollars of wealth are tied up in the U.S. stock market. But that wealth is unevenly held, accord to a 2012 report from the Federal Reserve Bank of St. Louis, the vast majority of stocks are “owned by a relatively small number of wealthy families.”