US stocks get modest lift from Federal Reserve comments

NEW YORK (AP) - U.S. stocks closed barely higher Wednesday as big gains for utilities balanced out losses for retailers like Lowe's, Target and Staples.

Stocks fell in morning trading as a recent slump in phone company and utility stocks continued. But the indexes reversed directions after noon as those stocks turned higher, as did banks and household goods makers. Investors scrutinized the minutes from the Federal Reserve's late July meeting and found no suggestion the central bank's in any hurry to raise interest rates.

Federal Reserve officials felt near-term risks to the U.S. economy have diminished as job growth improved in June and July. It said another boost in interest rates might be warranted before long, but investors doubt that will happen in September and they're not sure if it will happen in the months after that.

"The minutes today were not any kind of a surprise," said Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute. "There's probably some relief there."

The Dow Jones industrial average rose 21.92 points, or 0.1 percent, to 18,573.94. The Standard & Poor's 500 index gained 4.07 points, or 0.2 percent, to 2,182.22 after falling as much as 10 points early on. The Nasdaq composite inched up 1.55 points to 5,228.66. That left the market little changed from Tuesday and continued a persistent pattern of small moves for U.S. stocks.

Bond prices turned higher and the yield on the 10-year Treasury note fell to 1.55 percent from 1.58 percent. The dollar weakened, falling to 100.19 yen from 100.25 yen. 

The euro rose to $1.1290 from $1.1277. In recent days the Fed's decision to leave rates unchanged has weakened the dollar, helping exporters.