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Stocks slip...Consumer spending up in July...Trump to offer plan to overhaul tax code

By The Associated Press | Posted - Aug. 28, 2015 at 8:51 a.m.



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NEW YORK (AP) — Stocks are edging lower in early trading on Wall Street, as the market closes out a wild week. Stocks fell heavily in the first two days of trading this week on concerns about the health of China's economy, then rebounded over the next two days. Financial stocks are among the biggest decliners this morning.

WASHINGTON (AP) — U.S. consumers increased their spending by a moderate amount last month, while income growth was propelled by the largest jump in wages and salaries in eight months. The Commerce Department says spending rose 0.3 percent in July, helped by a big jump in purchases of big-ticket items such as cars. June's result was revised up to a matching 0.3 percent gain. Incomes increased 0.4 percent. The key category of wages and salaries rose 0.5 percent, the biggest advance since last November.

WASHINGTON (AP) — Republican presidential candidate Donald Trump is promising to offer a plan within a month to overhaul the tax system, calling himself "king of the tax code." He's been hinting at such a plan recently, saying that wealthy Americans should pay more. In a phone interview on MSNBC's "Morning Joe" show, Trump said he'll unveil a plan to simplify the tax code and eliminate some deductions and that hedge fund managers won't be happy with it.

NEW YORK (AP) — The CEO of adultery website Ashley Madison is stepping down in the wake of the massive breach of the company's computer systems and outing of millions of its members. Avid Life Media Inc., Ashley Madison's parent company, says Noel Biderman's departure was a mutual decision and in the best interest of the company.

ATHENS, Greece (AP) — Greece's statistics agency says the country's economy grew slightly faster than earlier forecast in the second quarter of the year. The statistics agency says the economy grew 0.9 percent compared to the first three months of the year, faster than 0.8 percent the previously estimated. Greece recently reached a deal on its third international bailout and is heading to early elections next month.

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The Associated Press

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