Stocks Opened Modestly Higher ahead of Fed Minutes

U.S. stocks opened higher on Wednesday ahead of minutes from the Federal Reserve that could reveal clues about the timing and pace of interest-rate hikes. The Dow Jones Industrial Average lately rose 95.67 points, or 0.55%, to 17,585.17. The S&P 500 was up 10.92 points, or 0.53%, to 2,061.36. The Nasdaq Composite gained 24.67 points, or 0.49%, to 5,010.69.

Apartment construction plunged sharply in October, as the pace of homebuilding slipped amid a broader cooling of the real estate market. Housing starts — both houses and apartments— fell last month 11 percent to a seasonally adjusted annual rate of 1.06 million homes, the Commerce Department said Wednesday.

Target Corp. (TGT) on Wednesday reported fiscal third-quarter profit of $549 million. It had net income of 87 cents. Earnings, adjusted for one-time gains and costs, were 86 cents per share. The results met Wall Street expectations.

Staples Inc., which is awaiting regulatory approval for its acquisition of rival Office Depot Inc., on Wednesday said profit slipped in its latest quarter as sales remained under pressure. Staples reported a profit of $198 million, or 31 cents a share, down from $216.8 million, or 34 cents a share, a year earlier. Revenue decreased to $5.59 billion from $5.96 billion.

Lowe’s Cos. on Wednesday reported better-than-expected profit in its third quarter, with more customers visiting the home improvement retailer. Lowe’s posted a profit of $736 million, or 80 cents a share, up from $585 million, or 59 cents a share, a year earlier. Net sales grew 5% to $14.36 billion.