US stocks move higher ahead of Fed minutes

AP News
Posted: May 21, 2014 12:06 PM
US stocks move higher ahead of Fed minutes

Stocks are moving higher as investors wait for the minutes from the Federal Reserve's most recent policy meeting.

Tiffany rose 8 percent after the company said its earnings spiked 50 percent in the first quarter as worldwide sales jumped and the company raised its prices.

The Dow Jones industrial average rose 117 points, or 0.7 percent, to 16,492 in midday trading Wednesday.

The Standard & Poor's 500 index rose nine points, or 0.5 percent, to 1,882. The Nasdaq climbed 13 points, or 0.3 percent, to 4,110.

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Later Wednesday the Fed will release minutes from its meeting last month. Traders will be watching for clues about how quickly the central bank plans to reduce its economic stimulus.

The yield on the 10-year Treasury note rose to 2.54 percent.