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U.S. stocks slightly lower at midday ahead of Fed minutes

Xinhua, May 21, 2015 Adjust font size:

U.S. stocks fractionally fluctuated in the morning session Wednesday, as investors awaited the release of the minutes of the Federal Reserve's policy meeting.

At midday, the Dow Jones Industrial Average fell 17.30 points, or 0.09 percent, to 18,295.09. The S&P 500 lost 2.30 points, or 0. 11 percent, to 2,125.53. The Nasdaq Composite Index edged down 1. 72 points, or 0.03 percent, to 5,068.31.

The Federal Open Market Committee, the policy decision-making arm of the Federal Reserve, is to release the minutes from its April meeting Wednesday afternoon.

A whole batch of disappointing economic reports was released since the Fed's April meeting, leading many analysts to expect a first rate hike in September or next January.

Chicago Fed Resident Charles Evans said Wednesday that a first rate hike is not likely to be appropriate until early 2016.

Markets are also putting a greater focus on Fed Chair Janet Yellen's speech Friday for possible new clues of an upcoming rate hike.

"Minutes from the April FOMC meeting could contain more surprises than March's for the simple reason the press conference in March provided opportunities for clarity not available in April. In particular, we'll be watching what Fed officials think about the damage done by dollar strength," said Chris Low, chief economist at FTN Financial, in a note.

In corporate news, Target Corp. rose 0.95 percent around midday Wednesday after posting better-than-expected quarterly earnings. The retail chain reported first quarter 2015 adjusted earnings per share from continuing operations of 1.10 U.S. dollars, up 19.6 percent from 0.92 dollar a year ago.

U.S. stocks ended narrowly mixed Tuesday, with the Dow Jones Industrial Average eclipsing previous day's closing record, as April's housing data came out well above market consensus. Endite