There are no Dow stocks at 52 week highs. For Dow stock 52 week lows we again have International Business Machines (IBM). This is IBM’s second day here and is down -4.90% year-to-date.

The Market

Wednesday the Dow closed up +48.38 (+0.33%) at 14,824.51.

Year-to-date the Dow is up +13.13%.

This morning the Dow was indicated to open up +52 points.

The Commerce Department today said second quarter gross domestic product grew at a 2.5 percent annual rate, according to revised estimates for the period. The quarter’s growth rate was more than double the pace in the prior three months.

Initial claims for state unemployment benefits were down 6,000 to a seasonally adjusted 331,000, the Labor Department said this morning. Claims for the prior week were revised to show 1,000 more applications received than previously reported. Economists had expected first-time applications to fall to 332,000 last week.

The Coca-Cola Co. (KO) was up this morning ahead of the market’s opening despite gay activist groups’ protest against the company’s sponsorship of the 2014 Olympic Games in Russia.

McDonald’s Corp. (MCD) was up in premarket trade ahead of the launch of a new French fry burger which is due out on Sunday.

Verizon Communications Inc. (VZ) is up in premarket trade after reports that the company was in talks with Vodafone about a buyout.

European markets are higher and Asian markets ended mostly higher.

The national average price of gasoline is up 1.8 cents to $3.564 per gallon.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Tuesday include:

Joy Global Inc (JOY) reported third quarter EPS of $1.70 on revenue of $1.18 billion, compared to last year’s EPS of $1.82 on revenue of $1.39 billion.

Williams-Sonoma, Inc. (WSM) reported second quarter EPS of $0.49 on revenue of $982.99 million, compared to last year’s EPS of $0.43 on revenue of $874.28 million.

Zale Corporation (ZLC) reported a fourth quarter loss of $0.25 per share on revenue of $417.00 million, compared to last year’s loss of $0.61 per share on revenue of $406.96 million.

Other stocks expected to report earnings today include:

Campbell Soup Company (CPB) is expected to report fourth quarter EPS of $0.42 on revenue of $1.83 billion, compared to last year’s EPS of $0.41 on revenue of $1.61 billion.

Royal Bank of Canada (RY) is expected to announce third quarter EPS of $1.38 on revenue of $7.93 billion, compared to last year’s EPS of $1.31.

Toronto Dominion Bank (TD) is expected to report third quarter EPS of $1.71 on revenue of $6.31 billion, compared to last year’s EPS of $1.91 on revenue of $5.84 billion.

Today’s Featured Dow Stock

Walt Disney Co. (DIS).

Walt Disney Co. (DIS) is up +22.13% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -4,000 to 332,000, previous +13,000 to 336,000. Weekly continuing claims expected -11,000 to 2.988 million, previous +29,000 to 2.999 million.

0830 ET Revised Q2 GDP expected +2.2% (q/q annualized), previous +1.7%. Q2 personal consumption expected +1.7%, previous +1.8%. Q2 GDP price index expected unrevised at +0.7%. Q2 core PCE expected unrevised at +0.8%.

0830 ET USDA weekly Export Sales.

0850 ET St. Louis Fed President James Bullard delivers welcoming remarks at the Leadership Memphis 2014 event.

1300 ET Treasury auctions $29 billion 7-year T-notes.

1400 ET Richmond Fed President Jeffrey Lacker speaks at Christopher Newport University on A Look Back at the History of the Federal Reserve.

1945 ET St. Louis Fed President James Bullard will speak on the U.S. economy and monetary policy at the Community Development Foundation Center in Tupelo, MS.