U.S. stocks open higher ahead of Fed minutes

U.S. stocks opened higher Wednesday, as investors awaited the minutes from the Federal Reserve's latest meeting.

Wall Street kept a close eye on the Fed's minutes, which are scheduled for release in the afternoon, for more clues on how the U.S. central bank will respond to the country's new administration in terms of fiscal stimulus.

The Fed raised interest rates at its December meeting for just the second time in a decade and forecast three rate hikes for 2017.

The U.S. dollar was also in focus, which pulled back Wednesday morning from its highest level reached Tuesday since December 2002.

There is no major economic data due Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average rose 24.02 points, or 0.12 percent, to 19,905.78. The S&P 500 added 4.58 points, or 0.20 percent, to 2,262.41. The Nasdaq Composite Index increased 11.35 points, or 0.21 percent, to 5,440.44.

U.S. stocks rebounded Tuesday, the first trading day of 2017, as Wall Street meditated on a batch of positive economic reports. Endi