U.S. stocks cling to gains as Fed minutes show most officials favored 25 basis point hike

U.S. stocks whipsawed but remained in the green on Wednesday after minutes from the Federal Reserve’s February meeting showed most officials supported a 25 basis point rate hike. The S&P 500
SPX,
-0.08%
was up 18 points, or 0.5%, to 4,012. The Dow Jones Industrial Average
DJIA,
-0.18%
rose 63 points, or 0.2%, to 33,182. The Nasdaq Composite
COMP,
+0.15%
gained 65 points, or 0.6%, to 11,551. The Dow briefly turned red after the minutes were released at 2 p.m. Eastern Time as stocks kneejerked lower. But those losses were quickly reversed as investors reacted to the minutes, which showed that most Fed policymakers supported the 25 basis point hike, while some expressed concerns that looser financial conditions could necessitate even more aggressive action from the central bank as it seeks to drive inflation back to its 2% target. Treasury yields and the U.S. dollar were also little-changed after the minutes were released.