The Market On Wednesday

  Good morning. It is 79 degrees and hazy here in the Upper Hudson Valley. The weather logos are predicting thunderstorms today and it certainly feels like that could happen. I had the overhead fan on high last night as I slept, it was hot. We see that there is a hurricane brewing for the East Coast right on time for the July 4th holiday period. I like the 4th, take away the fireworks and neighbors that for reasons that completely escape me like to set off firecrackers all day and night long, and it's a great holiday.

  At 8:50 a.m. futures are modestly higher and the price of oil per barrel is down. The market is poised to open higher.

  The DOW is about to cross the 17,000 threshold for the first time ever. I am reading that ADP has concluded that the US added 281,000 jobs in June (source) and that number exceeds expectations. If investors like what they hear from Janet Yellin later this morning, it seems very possible that the DOW will cross 17,000.

CNN: Stocks: 5 things to know before the open

The head of the Federal Reserve, Janet Yellen, will be speaking at the International Monetary Fund at 11 a.m. Investors will be watching for clues as to how long the Fed will wait to raise interest rates once its bond-buying program ends later this year.