What you need to know on Wall Street today

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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:

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 labour 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 $US6.5 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:

In tech news:

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.

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