Stocks Ended Modestly Higher after Fed Minutes

U.S. stocks closed modestly higher on Wednesday, after commentary from the Federal Reserve suggested the U.S. central bank was maintaining a calm attitude toward inflation. The Dow Jones Industrial Average rose 52.40 points, or 0.21%, to 24,886.81. The S&P 500 added 8.85 points, or 0.32%, to 2,733.29. The Nasdaq Composite gained 47.50 points, or 0.64%, to 7,425.96.

U.S. benchmark crude oil futures fell Wednesday, pressured by a surprise jump in weekly U.S. crude supplies. July West Texas Intermediate crude fell 36 cents, or 0.5%, to settle at $71.84 a barrel, while July Brent crude added 23 cents, or 0.3%, to $79.80 a barrel.

Federal Reserve officials said the economic outlook warranted another interest-rate hike “soon” and signaled they would welcome a modest overshoot of their 2 percent inflation target, indicating they’re in no rush to tighten more aggressively.