US stock market is subdued ahead of minutes from Federal Reserve's latest policy meeting

MarketsAssociated Press

U.S. stocks are drifting in midday trading as traders wait for the latest news from the Federal Reserve.

The Dow Jones industrial average rose 30 points, or 0.2 percent, to 16,950 as of noon Eastern time Wednesday.

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The Standard & Poor's 500 index was up two points, or 0.1 percent, at 1,983. The Nasdaq composite was flat at 4,529.

Slightly more stocks fell than rose on the New York Stock Exchange.

J.M. Smucker fell 2 percent after the food company cut its full-year sales outlook. The company also said higher coffee prices were hurting its profit margins.

Investors were waiting for the release of minutes later in the day of the Federal Reserve's last policy meeting.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.41 percent.