The majority of Black Americans missed out on the hefty gains from the stock market over the past two years due to historically low equity ownership.
Many Black Americans missed out on the hefty gains from the stock market due to historically low equity ownership.
Commuters arrive at Grand Central Station with Metro-North during morning rush hour in New York City.Thanks to the historic stock market rebound from pandemic lows, affluent 401-holders and savvy investors in the U.S. enjoyed double-digit returns from stocks over the past two years. But not for the majority of Black Americans.
The primary way that Americans build wealth and invest is through retirement plans, and there have been enormous disparities between Black and white Americans on that front. Many Black Americans missed out on the hefty gains from the stock market because they often hold occupations where employers are unlikely to offer an employer-sponsored retirement plan.
The stock market pulled off a stunning recovery rally from the pandemic lows in March 2020, with the S&P 500 enjoying the fastest bull market since World War II, doubling off the bottom. Many credited unprecedented monetary and fiscal stimulus for the market's leap out of its massive pandemic slump.The Federal Reserve slashed interest rates to near zero, while bolstering financial markets with $120 billion in emergency monthly bond purchases.
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