Stocks Ended Mostly Higher after Fed Minutes

U.S. stocks ended mostly higher on Wednesday, after Federal Reserve policy meeting minutes that indicated a reduction in the central bank’s economy-boosting balance sheet could begin soon. The Dow Jones Industrial Average was down 1.10 points, or 0.01%, to 21,478.17. The S&P 500 climbed 3.53 points, or 0.15%, to 2,432.54. The Nasdaq Composite advanced 40.80 points, or 0.67%, to 6,150.86.

Oil prices suffer their largest drop in a month on Wednesday after news that Russia ruled out any proposals to deepen the global production cuts and reports of higher monthly exports from OPEC. August West Texas Intermediate oil lost $1.94, or 4.1%, to settle at $45.13 a barrel. September Brent oil slumped $1.82, or 3.7%, to $47.79 a barrel.

In minutes released from the Fed’s June meeting, several members showed they’re in favor of starting a reduction of the central bank’s $4.5 trillion balance sheet. Holding those assets were part of the policy portfolio that the central bank had taken on while holding interest rates at historic lows. The minutes also showed that officials are divided on unemployment figures.