By Victor Reklaitis and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks were little changed
Wednesday afternoon but off their session lows, showing muted
action after two straight days of solid gains as investors waited
for minutes from the Federal Reserve's last meeting.
Staples Inc.(SPLS) helped keep the S&P 500 in check, faring
worst in that index after the retailer reported a drop in quarterly
profit and sales. Apple Inc.(AAPL) gained 0.4% to an intraday
split-adjusted record of $100.93.
The S&P 500(SPX) edged up 2 points, or 0.1%, to 1,984,
trading not far off from its July 24 record close at 1,987.98. The
Dow Jones Industrial Average(DJI) tacked on 30 points, or less than
0.2%, to 16,950, while the Nadaq Composite(RIXF) was essentially
flat at 4,528.
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 12% 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) fell 0.1% after the company cut its 2014 sales
outlook, while Target Corp. (TGT) was up 1.1% after initially
dropping in the wake of its 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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