US middle class gets richer, but wealthy do even better

US middle class gets richer, but wealthy do even better

WASHINGTON

Most American families grew richer between 2013 and 2016, but the wealthiest households pulled even further ahead, worsening the nation’s massive disparities in wealth and income.

The median net worth of all American families rose 16 percent last year from 2013 to $97,300, according to a Federal Reserve survey released Wednesday. The median is the point where half of families fall below and half above. That’s the first gain for middle-class households since the recession upended the economy nearly a decade ago.

Dems wield Equifax, Wells Fargo in fight over arbitration

WASHINGTON

Democratic senators are highlighting scandals at Wells Fargo and Equifax in a bid to stop Republicans from overturning a federal rule that would let consumers join together to sue financial companies.

Banks argue that arbitration is a more efficient way of handling small disputes. Senate Minority Leader Chuck Schumer says Wells Fargo and Equifax did “terrible wrong” and now Republicans “want to prevent consumers from having rights to sue them.”

Equifax hack has businesses uneasy about security

NEW YORK

The breach of Equifax’s computer systems is reminding small-business owners their technology can be vulnerable to cybercriminals.

Companies that provide computer security services to small businesses say they’re getting more calls from customers since Equifax revealed the breach Sept. 7. Small businesses often lag behind in cybersecurity, not believing they might be targets. But experts say small companies are becoming targets for hackers and thieves.

Trump mulls cargo waiver for Puerto Rico

WASHINGTON

President Donald Trump says his administration is considering waving a little-known federal law that prohibits foreign-flagged ships from shuttling goods between U.S. ports.

Republicans and Democrats have pushed Trump to waive the Jones Act, saying it could help get desperately needed supplies delivered to hurricane-ravaged Puerto Rico more quickly and at less cost.

The law was waived earlier this month to help ease fuel shortages after hurricanes Harvey and Irma.

Lawsuit: Kushner Cos. charges illegal fees to its tenants

BALTIMORE

The real-estate company run by the family of Jared Kushner is being sued by two tenants in Maryland after purportedly adding excessive and illegal fees to their rent. The lawsuit says businesses owned by the Kushner Cos. have been charging late penalties of 5 percent of tenants’ rent, but not just for what they claim to be late rent. The penalties were also tacked on for late “agent fees” and “court fees,” in violation of Maryland law, the lawsuit says. The company says it has done nothing illegal.

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc., .1245.060.32

Aqua America, .71 33.21-0.47

Avalon Holdings,1.940.01

Chemical Bank, .2751.731.68Community Health Sys. 7.48 0.13

Cortland Bancorp, .2818.00-0.15

Farmers Nat., .1615.600.85

First Energy, 1.44 30.05-0.78

Fifth/Third, .5227.680.29

FirstMerit Corp.,--

First Niles Financial, .1211.000.50

FNB Corp., .4813.900.34

General Motors, 1.5240.590.33

General Electric, .9224.39-0.54

Huntington Bank, .28 13.750.30

iHeartMedia Inc.,1.410.00

JP Morgan Chase, 1.9295.201.50

Key Corp, .3418.670.33

LaFarge, .34--

Macy’s, 1.51 22.140.24

Parker Hannifin, 2.52 175.521.55

PNC, 2.20134.321.94

Simon Prop. Grp., 6.60160.11-3.40

Stoneridge 19.550.05

United Comm. Fin., .12 9.800.39

Selected prices from Wednesday’s 4 p.m. close.