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Stocks rise after dovish Fed comments

Major indices are in the green and rising this Wednesday morning after comments from Fed Chair Janet Yellen that there would likely be only a small number of rate hikes this cycle. There is no apparent interest on the part of Wall Street in recent revelations about Donald Trump Jr.’s meeting with an agent of the Russian government during the campaign. PayPal (PYPL) is up 2.9% today, while Bank of America (BAC), is down 1.2%.

West Texas Intermediate crude is trading at $45.97. At present, the S&P 500 is up 0.72%, the DJIA is up 0.71%, and the NASDAQ is up 0.84%.

Here are your Wednesday morning market metrics. Industries doing well today include trading companies, independent power, and construction & engineering. Industries showing weakness include banks and technology hardware. The VIX is down 4.5% to 10.40 after closing on Tuesday at 10.89. The most heavily traded options this morning are for the iPath S&P 500 VIX ST Futures ETN (VXX), with 18,959 July 12 puts on the board. The total put/call ratio as of 10:00 AM was 0.91 (404,827/369,276). The advancers/decliners ratio for the NYSE is 2,555/319 and for the NASDAQ, 2,163/537.

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Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.