By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks struggled to build on
opening gains on Wednesday as investors focused on earnings results
and awaited the minutes from the Federal Reserve's last meeting
later this afternoon.
The S&P 500 (SPX) was 2.5 points, or 0.1%, higher at
1,854.76. The Dow Jones Industrial Average (DJI) added 34 points,
or 0.2%, to 16,297.56. The Nasdaq Composite (RIXF) rose 22 points,
or 0.5%, to 4,134.72.
Follow MarketWatch's live blog of today's stock-market
action.
Wednesday's economic calendar includes the release of the
minutes from the Federal Reserve's Federal Open Market Committee
meeting at 2 p.m. Eastern. Investors hope the minutes will give
some insight to the Fed officials' decision to discard the 6.5%
unemployment rate threshold for interest rates hikes.
Fed officials have publicly encouraged a view that the first
interest-rate hike won't happen until the second half of 2015 at
the earliest, and most economists don't expect the minutes to sway
from that. Spotlight on economy: A chance to read the Fed tea
leaves on Wednesday.
Late Tuesday, Federal Reserve Bank of Chicago President Charles
Evans said there is a risk that policy makers will "withdraw ...
accommodative policies prematurely," The Wall Street Journal
reported.
"I think it's just human nature to start thinking we've been
doing this for a long time," Evans reportedly said.
Evans will also speak in Washington, D.C. at the Hyman Minsky
Conference on "Stabilizing Financial Systems for Growth and Full
Employment" at 3:30 p.m. Eastern. Fed Governor Daniel Tarullo
speaks at the same conference at 7 p.m. Eastern.
In addition, a report on wholesale inventories for February will
be released at 10 a.m. Eastern Time.
Alcoa, Constellation
Among individual companies, Alcoa (AA) shares rose 3.4% after
the aluminum producer's adjusted earnings per share topped
estimates, though revenue came in just under expectations. The
company also said it still expected aluminum demand to rise around
7% this year. The company reported earnings results after market
close on Tuesday. Why Alcoa still matters to investors.
In other earning news, Constant Contact Inc. (CTCT) jumped 26%
after the online marketing company posted results late Tuesday.
Constellation Brands Inc. (STZ) rose 1.9% after posting fiscal
fourth-quarter earnings above consensus estimates.
Intuitive Surgical Inc. (ISRG) was down 7.4%, following an 8%
late-session drop Tuesday after the surgical robot maker warned on
revenue.
In other markets, gold (GCK4) edged lower, while crude oil
(CLK4) inched up. Wall Street's higher run on Tuesday inspired
gains for Europe and most of Asia, with the exception of the Nikkei
225 index . The Tokyo benchmark fell 2.1% as the yen (USDJPY)
rallied overnight against the dollar and as Toyota Motor Inc. (TM)
fell more than 3% on reports the auto maker recalled 6.4 million
vehicles world-wide.
More must-reads from MarketWatch:
S&P 500 challenges major technical support
Has the correction in stocks rebuilt the wall of worry?
Subscribe to WSJ: http://online.wsj.com?mod=djnwires