U.S. stock benchmarks traded modestly higher on Wednesday, and within range of all-time highs, as investors awaited the latest Federal Reserve minutes, which could indicate whether more rate increases are ahead in 2017 The Dow Jones Industrial Average rose 0.2% at 22,042, the S&P 500 index rose 0.2% at 2,470, while the Nasdaq Composite Index advanced 0.3% at 6,349. The Fed is expected to release minutes from its July meeting at 2 p.m. Eastern Time, which could offer more details on its plan to unwind its $4.5 trillion asset portfolio. A reduction of that portfolio is being closely watched because it can serve as an additional monetary-tightening mechanism for the central bank, in addition to lifting interest rates. Ahead of the minutes, data on housing missed expectations. Housing starts fell 5.6% in July, compared with the year-ago period, and they were off 4.8% from June’s pace. In corporate news, shares of retail giant Target Corp. rose 1.8% after reporting an increase in same-store sales and lifting its 2017 outlook.
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