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Stocks edge higher despite Korea, Harvey

Stocks are up slightly this Wednesday morning following the Commerce Department’s upward revision of the nation’s April-June GDP from 2.6% to 3% in the second estimate. There has been tough talk from the president following the most recent provocation by North Korea, to which the Street ambivalent. Hurricane Harvey is making its second landfall, bringing yet more rain to the soaked gulf coast. US Steel (X) is up 3%.

West Texas Intermediate crude is trading at $46.29. At present, the S&P 500 is down 0.33%, the DJIA is down 0.2%, and the NASDAQ is down 0.33%.

Here are your morning market metrics. Industries doing well today include construction materials, internet & catalog retail, and trading companies. Industries showing weakness include diversified consumer services, independent power, and airlines. The VIX is down 1.8% to 11.48 after closing on Tuesday at 11.702. The most heavily traded options this morning are for the iShares MSCI Emerging Markets ETF (EEM), with 58,254 September-1 44.5 calls and 58,200 September-1 43.5 calls on the board. The total put/call ratio as of 10:00 AM was 0.4 (350,478/141,678). The advancers/decliners ratio for NYSE stocks is 1,403/1,423, while the advancers/decliners ratio for NASDAQ stocks is 1,535/1,206.

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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.