stocks Little Changed as Fed Minutes Stoked Rate-hike Fears

U.S. stocks ended little changed on Wednesday after the Federal Reserve minutes showed that policy makers are keeping their options open to hiking interest rates in June. The Dow Jones Industrial Average shed 3.36 points, or 0.02%, to 17,526.62. The S&P 500 added 0.42 points, or 0.02%, to 2,047.63. The Nasdaq Composite gained 23.39 points, or 0.50%, to 4,739.12.

The minutes of the April 26-27 Federal Open Market Committee meeting also suggested that officials are concerned that the markets are too complacent over the Fed’s stance on tightening the monetary policy.

The U.S. dollar hit its highest level against the euro in more than three weeks on Wednesday and crossed 110 yen for the first time in nearly three weeks after Federal Reserve meeting minutes signaled a June interest rate hike was on the table.

Cisco Systems Inc. (CSCO) reported earnings and gave a forecast that beat analysts’ expectations. The company reported net income of $2.3 billion, or 46 cents a share, on sales of $12 billion for its third fiscal quarter.

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