Wall Street rally helped boost gains for 401(k) plan savers in the first half of 2024

AP Business Writer

LOS ANGELES (AP) — Strong growth for stocks on Wall Street this year have helped juice gains for savers with retirement accounts. The average 401(k) plan balance stood at $127,100 at the end of the second quarter, up 13% from the same period last year, according to Fidelity Investments. The median 401(k) plan balance was just $29,200 at the end of the second quarter, an increase of 17% from a year earlier. The gains came as the stock market crushed multiple record highs amid a wave of investor enthusiasm over artificial intelligence developments that have fueled demand for shares in Big Tech stocks.