By Victor Reklaitis and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks stepped slightly higher
Wednesday afternoon, working for a third straight days of gains as
investors waited for minutes from the Federal Reserve's last
meeting.
The S&P 500(SPX) edged up 3 points, or nearly 0.2%, to
1,984, approaching its July 24 record close at 1,987.98. The Dow
Jones Industrial Average(DJI) tacked on 38 points, or 0.2%, to
16,957, while the Nadaq Composite(RIXF) dipped 3 points, or less
than 0.1%, to 4,525.
Staples Inc.(SPLS) helped limit the S&P 500's advance,
faring worst in that index after the retailer reported a drop in
quarterly profit and sales. Apple Inc.(AAPL) gained 0.4% to $100.90
after hitting an intraday split-adjusted record of $101.09.
No major U.S. economic releases are on Wednesday's calendar
beyond the minutes of the July 29-30 Federal Open Market Committee
meeting at 2 p.m. Eastern. "The question which everyone will be
asking is if the Fed are ready to increase the interest rate sooner
rather than later. Some hawkish members have certainly started
beating the drums of an early increase," said Naeem Aslam, chief
market analyst at Ava Trade. Read more: How the Fed could exit its
easy-money policy
While investors may glean clues about the Fed's exit strategy
from the minutes, markets may also quickly move past them to focus
on Fed Chairwoman Janet Yellen's speech at 10 a.m. Eastern Friday
in Jackson Hole, Wyo. Read: Yellen to stress patience on rates at
Jackson Hole
What strategists are saying: The S&P 500 could face
resistance in the short term as the benchmark nears its prior
record close, said Joe Bell, senior equity analyst for Schaeffer's
Investment Research. Prior highs "generally act as some sort of
speed bump," he told MarketWatch.
Investors should keep buying the dips in this market, because
it's just showing signs of a maturing bull phase, rather than
"warning of an impending market turnaround," said Citi strategists
in a recent note.
Movers & shakers: Hertz Global Holdings Inc.(HTZ) shares
slumped 9% after the rental-car company said it expects to be "well
below the low end" of guidance. Also read: It's 'difficult to find
any positives' in Hertz warning
Apple's jump to an intraday record comes after the tech giant
nailed an all-time split-adjusted closing high of $100.53 on
Tuesday. Read: 7 reasons why this product cycle will be different
for Apple
Lowe's Cos.(LOW) rose 0.7%, while Target Corp. (TGT) was up 2%.
Each retailer had dropped earlier Wednesday in the wake of a
lowered guidance. (Read more about today's jumpiest stocks in the
Movers & Shakers column
http://www.marketwatch.com/story/target-lowes-petsmart-report-earnings-wednesday-2014-08-19.)
Other markets: The British pound (GBPUSD) rose against the
dollar after the minutes of the Bank of England's latest policy
meeting showed a split vote for the first time in three years, with
two members voting for a rate hike. The Stoxx Europe 600 closed
lower, halting a two-day rally. In Asia, stocks finished with
moderate gains, outside a small loss for the Shanghai Composite
.
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