Dow, S&P 500 slip from records after Fed news
Stocks ended lower Wednesday after briefly jumping up right after the release of the minutes from the Federal Reserve's October meeting.
The major indexes retreated from record highs set in the previous session as the Dow Jones industrial average closed down a scant two points -- 0.01% -- to 17,685.73. Down by 0.2% was the S&P 500, which settled at 2048.72; the Nasdaq composite lost 0.6% to 4675.71.
The minutes showed that some Fed policymakers favored eliminating a pledge to keep interest rates near zero "for a considerable time" but others worried that such a move could prompt financial markets to push up rates prematurely.
Fed officials eventually agreed to keep the market friendly language on short-term interest rates but add that Fed moves would dependent on the pace of job growth and inflation.
Stocks were lower for most of the trading session and the brief spurt higher faded quickly as markets eagerly search for any clues to the timing of future interest rate hikes.
Retailers are in focus as Target and Lowe's both reported earnings that beat Wall Street estimates. Shares of Target (TGT) jumped more than 6% and Lowe's (LOW) gained 5.5%.
Staples (SPLS) surged 9% after the office supply chain reported higher fiscal third-quarter earnings.
In Asian markets: Tokyo's Nikkei 225 index dropped 0.3% to 17,288.75 and Hong Kong's Hang Seng index fell 0.7% to 23,373.31.
European stocks were mixed as Britain's FTSE index fell 0.2% to 6696.60 and Germany's DAX index gained 0.2% to 9472.80.
The Dow and S&P reached record highs on Tuesday after a survey indicated investment sentiment in Germany appears to have improved, and Japanese Prime Minister Shinzo Abe called for early elections and postponed a tax hike..
The Dow advanced 0.2% to a record close of 17687.82. The S&P 500 gained 0.5% to 2051.80, and the Nasdaq gained 0.7% to 4702.44.
Contributing: The Associated Press