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1st LD Writethru: U.S. stocks end narrowly mixed amid Fed minutes

Xinhua, May 21, 2015 Adjust font size:

U.S. stocks closed mixed Wednesday, as investors pondered over the minutes from the Federal Reserve's April policy meeting released in the afternoon.

The Dow Jones Industrial Average dipped 26.99 points, or 0.15 percent, to 18,285.40. The S&P 500 inched down 1.98 points, or 0. 09 percent, to 2,125.85. The Nasdaq Composite Index edged up 1.71 points, or 0.03 percent, to 5,071.74.

According to the minutes, many of the participants in the Fed's April policy meeting "thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied," though they concluded that the first-quarter economic slowdown was transitory.

"The FOMC is not likely to tighten in June, but their discussion will take the possibility seriously. We read the minutes as confirmation September is still very much in play," said Chris Low, chief economist at FTN Financial, in a note.

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.

In corporate news, Target Corp. rose 0.33 percent to 78.18 dollars apiece 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. Endite