Stocks move higher in midday trading ahead of Fed minutes
NEW YORK (AP) — Stocks are moving higher in midday trading Wednesday as investors wait for minutes from the Federal Reserve's last policy meeting for clues as to whether it may raise interest rates next month.
Traders will be studying the minutes from the Fed's meeting later Wednesday for clues as to how worried policymakers are about a pickup in inflation.
THE QUOTE: "There is little room for error," said Tom Cassidy, chief investment officer at Univest Wealth Management Division.
Target plunged $6.49, or 9 percent, to $67.12 after reporting that earnings beat expectations but that sales had slowed.
The home improvement chain Lowe's rose $2.40, or 3 percent, to $78.47 on surging first-quarter profits and higher comparable-store sales.
The company also raised its outlook for the year as it benefits from a strengthening U.S. housing market.
U.S. crude oil rose 46 cents to $48.77 a barrel in New York, adding to a string of gains.