Stock market losses wipe out $9 trillion from Americans' wealth

Falling stock markets have wiped out more than 9 trillion dollars in wealth from U.S. households, putting more pressure on family balance sheets and spending.
According to data from the Federal Reserve, Americans' holdings of corporate equities and mutual fund shares fell to 33 trillion dollars at the end of the second quarter, down from 42 trillion at the start of the year.
With major market indexes falling even further since early July, and the bond market adding further losses, market experts say the current wealth losses from financial markets could total 9 point 5 trillion to 10 trillion dollars.

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