U.S. stocks rally ahead of Fed minutes

U.S. stocks traded higher in the morning session Wednesday, as investors awaited minutes from the Federal Reserve's latest meeting.

Around noon, the Dow Jones Industrial Average rose 47.09 points, or 0.24 percent, to 19,928.85. The S&P 500 added 11.32 points, or 0.50 percent, to 2,269.15. The Nasdaq Composite Index was up 43.14 points, or 0.79 percent, to 5,472.22.

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 from its highest level reached Tuesday since December 2002.

There is no major economic data due out Wednesday.

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