Stocks moved higher in midday trading on Wednesday, on track to bounce back from a loss the day before. Investors awaited the release of minutes from last month's Federal Reserve policy meeting for hints on the central bank's strategy for interest rates. Tiffany & Co. was among the big gainers.
KEEPING SCORE: The Standard & Poor's 500 index gained eight points, or 0.4 percent, to 1,880 as of 12:32 p.m. Eastern Time. The Dow Jones industrial average rose 117 points, or 0.7 percent, to 16,491. The Nasdaq composite added 13 points, or 0.3 percent, to 4,109.
FED WATCH: The Federal Reserve was set to release the minutes of last month's meeting of its policymaking committee. Following the April 29-30 meeting, the central bank said it would further cut its bond purchases, noting that the U.S. job market needed less help. Traders will be watching for clues about how quickly the central bank plans to reduce its economic stimulus.