DNA Studios moves

DNA Studios moves

WARREN

DNA Studios LLC, local, custom, tattooing and fine artists, moved the studio to downtown Warren at 137 S. Park Ave. in the historic Boyle Building — across the street from Dave Grohl Alley.

It has expanded to include an independent, fine-arts gallery on location.

The grand-opening celebration and first art opening, “DNA Studios Inaugural Art Show & Exhibition,” will be from 7 to 10 p.m. Saturday. This show is open to the public and will feature local and regional artists.

Stock gains lift US household wealth

WASHINGTON

Strong stock-market gains and higher home prices boosted Americans’ net worth in the April-June quarter to a record high, a trend that could encourage more spending.

U.S. households also took on the most new debt in five years, driven mostly by student and auto loans. More borrowing can be a sign of confidence, although greater student debt can pose a burden for younger households.

The Federal Reserve said Thursday that household wealth rose 1.7 percent in the second quarter to $81.5 trillion. Americans’ stock and mutual fund portfolios gained $1 trillion. The value of their homes increased $230 billion.

Greater wealth can make people feel more financially secure and encourage them to spend more. This “wealth effect” could boost the economy, although analysts note that it may not produce as much benefit as it did before the Great Recession.

Applications for US jobless benefits fall

WASHINGTON

The number of people applying for U.S. unemployment benefits dropped by a sharp 36,000 last week to a seasonally adjusted 280,000, a sign that the job market is strengthening.

The four-week average of applications, a less volatile measure, fell 4,750 to 299,500, the Labor Department said Thursday. The total number of people collecting benefits during the first week of September was 2.43 million, the fewest since May 2007.

Applications for unemployment benefits remain at pre-recession levels. The number of people seeking benefits has been trending downward for the past four months.

Mortgage rates rise

WASHINGTON

Average long-term U.S. mortgage rates surged this week, marking their largest one-week gain this year.

Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year loan jumped to 4.23 percent from 4.12 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, rose to 3.37 percent from 3.26 percent.

At 4.23 percent, the rate on a 30-year mortgage is at its highest level since the week ended May 1, though it is still at a historically low level.

Mortgage rates often follow the yield on the 10-year Treasury note. The 10-year note traded at 2.62 percent Wednesday, up sharply from 2.54 percent a week earlier. It was trading at 2.63 percent Thursday morning. Bond yields rise when bond prices fall.

Staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 23.99 —0.27

Avalon Holdings,3.630.01

Clear Channel, .46 22.09 —0.12

Cortland Bancorp, 13.50.00

Farmers Nat., .128.100.27

First Energy, 1.44, 34.27—0.44

Fifth/Third, .5221.040.29

FirstMerit Corp., .64,18.48 0.23

First Niles Financial, .32,9.950.95

FNB Corp., .48,12.790.14

General Motors, 1.2034.130.28

General Electric, .88,26.240.19

Huntington Bank, .20, 10.190.09

JP Morgan Chase, 1.60,61.311.00

Key Corp, .26,14.130.17

LaFarge, 18.26 0.33

Macy’s, 1.25, 60.59—0.05

Parker Hannifin, 1.92, 117.300.69

PNC, 1.92,87.980.80

RTI Intl. Metals,27.11—0.41

Simon Prop. Grp.,5.20,166.03—1.48

Stoneridge 12.85 —0.03

Talmer Bank, 14.72—0.04

United Comm. Fin., .04 4.750.10

Selected prices at 4 p.m. Thursday. Provided by Stifel. Not to be construed as an offer or recommendation to buy or sell any security.