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Stocks edge higher...Fed survey: US middle class gets richer...Freedom Caucus likes tax plan

September 27, 2017

NEW YORK (AP) — Stock indexes are edging higher in afternoon trading on Wall Street as technology companies and banks post gains. Bank stocks were benefiting from higher bond yields and expectations that interest rates will continue to rise. The higher bond yields pushed down high-dividend stocks like utilities, real estate companies and makers of consumer goods.

WASHINGTON (AP) — A Federal Reserve survey finds that middle-class American families grew richer between 2013 and 2016, their first such gains since the Great Recession. Wealthier families did even better. The survey found that the median net worth of all American families rose 16 percent last year from 2013 to $97,300. The median is the point where half of families fall below and half above. The richest 1 percent of families now hold nearly 39 percent of U.S. wealth, up from 36.3 percent in 2013.

WASHINGTON (AP) — A vocal group of the most conservative House Republicans has come out in support of a draft tax plan endorsed by both President Donald Trump and top congressional GOP leaders. The House Freedom Caucus says the outline will allow workers to “keep more of their money,” while simplifying the loophole-choked tax code and making U.S. companies more competitive with their foreign rivals. The group’s endorsement is noteworthy because it could ease House passage of a budget plan that’s the first step to advancing the tax cut measure through Congress.

WASHINGTON (AP) — President Donald Trump says he is “not happy” with his Health and Human Services Secretary Tom Price following reports that Price used a private plane for official business. And Trump says he let Price know it. Asked whether he’s planning on firing Price, Trump responded: “We’ll see.” Trump spoke to reporters as he departed the White House for a trip to Indianapolis to sell his tax plan.

WASHINGTON (AP) — President Donald Trump is calling Facebook “anti-Trump.” Trump’s tweet came days after Facebook said it will provide the contents of 3,000 ads bought by a Russian agency to congressional investigators and make political advertising on its platform more transparent. Several committees are investigating Russian interference in the 2016 election.

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