What you need to know on Wall Street today
On Wednesday morning, the rain finally stopped falling in Houston. But the city is still underwater, and Harvey has turned its destructive eye toward Louisiana. Here's the latest:
- Flash floods send Texans into "survival mode" as Harvey hits Port Arthur with 26 inches of rain in one day
- Dramatic photo shows Harvey floodwaters overtaking a freeway in Texas
- Hurricane Harvey could cost United Airlines more than $265 million
- The largest oil refinery in the US is shutting down because of flooding from Harvey
- GOLDMAN SACHS: Hurricane Harvey makes a government shutdown less likely
Elsewhere, US economic growth in the second quarter is now thought to be stronger than previously reported, helped by stronger business investments and consumer spending. President Trump is going to pitch his massive tax plan as "unrigging the economy." And the head of America's largest labor union neatly summed up why he won't work with Trump's White House.
In Wall Street news, traders are no longer impressed by the biggest driver of stock market gains. And a $6.5 million loan fund threw FICO scores out the window, and the results show a way forward for America's struggling cities.
It's Warren Buffett's 87th birthday today. Here's a roundup:
- Warren Buffett is now Bank of America's top shareholder
- He's set to make nearly $12 billion on a single trade
- Warren Buffett shared his best investment advice, and said the "elite" have wasted $100 billion ignoring it
- Here's how rich you'd be if you had bet $1,000 on him back in the day
- Here's his explanation why a good business is one 'your idiot nephew' could run
In tech news:
- Read the memo Uber's board sent employees announcing its new CEO
- JEFFERIES: Whole Foods could "put a dent" in Amazon's profits
- Messaging app Kik is launching its own cryptocurrency to raise $125 million
In other news, a cancer treatment that one expert called the "most exciting thing I've seen in my lifetime" just got approved. A biotech founded by a 32-year-old has a shot to launch "the first new Alzheimer's drug in 15 years."
Lastly, Business Insider's Lydia Ramsey took a DNA test that claims to reveal the best wine for you - here's the verdict.