WASHINGTON – A surging stock market and rebounding home prices boosted Americans’ wealth to a record in the final three months of last year, though both trends have slowed so far in 2014.

Household net worth jumped nearly $3 trillion during last year’s fourth quarter to $80.7 trillion. Stock and mutual fund portfolios gained nearly $1.7 trillion, or 9 per cent, according to a Thursday report by the Federal Reserve.

The value of Americans’ homes rose just over $400 billion, a 2 per cent gain. And checking account balances, pensions plan assets and retirement savings, such as 401(k)s, also increased.

Strong wealth gains tend to trigger more consumer spending, a critical fuel for economic growth. Higher household net worth is one reason economists have forecast that the U.S. economy will accelerate later this year.

Household wealth, or net worth, reflects the value of homes, stocks, bank accounts and other assets minus mortgages, credit cards and other debts.

Last year, home prices nationwide rose by the most in eight years. And the Standard & Poor’s 500 index of large stocks jumped 32 per cent. So far this year, home-price gains have slowed, and the S&P 500 has risen just 1.4 per cent.

The Great Recession hammered Americans’ net worth, cutting their overall wealth to $55.6 trillion in the first quarter of 2009. That was 19 per cent below the pre-recession peak of $68.8 trillion.

U.S. wealth has since recovered. But households haven’t benefited equally. Much of the rebound stems from stock market gains. Yet roughly 10 per cent of households own about 80 per cent of stocks. Most middle-class wealth stems from home ownership, and house prices nationwide remain below the peak reached in the spring of 2006.

Still, rising wealth and an improving economy are encouraging more Americans to take on debt, which can be a sign of confidence. Total household debt ticked up 0.4 per cent in the quarter, mostly because Americans took out more auto and student loans.

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Contact Chris Rugaber on Twitter at http://Twitter.com/ChrisRugaber