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For most Americans, Dow 20,000 carries little benefit

WASHINGTON (AP) — While Wall Street celebrates yet another stock market record — surpassing 20,000 on the Dow Jones industrial average — many Americans have little reason to cheer.

Despite the spread of 401(k) retirement plans, the wealthiest 10 percent of households own roughly 80 percent of stock market wealth. The Dow's 23 percent surge over the past year has benefited mostly investors who were already well-off.

The rising concentration of wealth at the top is one reason why the economy's significant gains since the Great Recession ended 7? years ago haven't been felt by many Americans. Though the Dow more than doubled in President Barack Obama's two terms, pay growth was stagnant, especially for people without higher education or high-tech skills. Discontent and anxiety about the economy's direction helped fuel President Donald Trump's election victory.



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