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

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.