Stocks erased their declines Wednesday after the Federal Reserve said in minutes of its latest meeting that several policy makers saw "little evidence" of an overheated job market, dampening expectations of an accelerated timeline for rate hikes.
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The Dow Jones Industrial Average gained 52.4 points, or 0.21%, to 24,886.81. The S&P 500 rose 8.85 points, or about 0.3%, to 2,733.29. The Nasdaq Composite climbed 47.5 points, or 0.64%, to 7,425.96.
In the Fed minutes, members of the central bank's policy-making committee indicated that another increase in interest rates would be warranted soon, likely in June.
General Electric posted its biggest drop in nine years as CEO John Flannery said he could not guarantee the company’s dividend. Shares tumbled 7.3%.
Tiffany shares rallied 23.3% to a record high after the jeweler released better-than-expected quarterly results.
|I:DJI||DOW JONES AVERAGES||25706.09||-361.19||-1.39%|
|I:COMP||NASDAQ COMPOSITE INDEX||10547.750129||+55.25||+0.53%|
The Dow fell earlier on Wednesday as concern that trade talks have stalled and doubts about a summit between President Donald Trump and North Korean leader Kim Jong Un weighed on investor sentiment.
Economic data included new home sales, which came in at 662,000 for April, versus March's 672,000.
|TIF||TIFFANY & CO||120.99||-0.59||-0.49%|
In commodities, gold futures closed lower ahead of the Fed meeting minutes.
U.S. oil futures fell 36 cents to $71.84 per barrel.