1st LD Writethru: U.S. stocks surge amid Fed minutes

U.S. stocks posted solid gains Wednesday, as Wall Street assessed the Federal Reserve's October meeting minutes released in the afternoon.

The Dow Jones Industrial Average gained 146.84 points, or 0.84 percent, to 17,636.34. The S&P 500 was up 17.46 points, or 0.85 percent, to 2,067.90. The Nasdaq Composite Index rose 44.92 points, or 0.90 percent, to 5,030.93.

According to the minutes, the Federal Open Market Committee (FOMC) decided to indicate that, in determining whether it would be appropriate to raise the target range at its next meeting, it would assess both realized and expected progress toward its objectives of maximum employment and 2 percent inflation.

Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labor market, and inflation, these conditions could well be met by the time of the next meeting.

Analysts believed that the U.S. central bank will begin raising interest rates next month.

"December is most definitely on the table. The minutes are unusually clear on this point," said Chris Low, chief economist at FTN Financial, in a note.

On the economic front, U.S. privately-owned housing starts in October were at a seasonally adjusted annual rate of 1.06 million, below market estimates, said the Commerce Department Wednesday.

In corporate news, shares of Apple jumped 3.17 percent to 117.29 U.S. dollars apiece Wednesday after Goldman Sachs issued a bullish note on the iPhone maker.

Shares of Target tumbled 4.29 percent to 69.78 dollars apiece Wednesday even after the company announced better-than-expected quarterly earnings.

The retail giant said third quarter adjusted earnings per share of 86 cents was above the midpoint of the company's guidance of 79 cents to 89 cents. Endit