Investing.com -- U.S. stocks were flat on Wednesday, as markets disregarded opaque minutes from the Federal Reserve's July meeting, which portrayed a committee largely split on the timing of the U.S. central bank's next interest rate hike.
When the Federal Open Market Committee (FOMC) last met on July 26-27, some members anticipated that economic conditions would soon warrant "taking another step in removing policy accommodation," the minutes showed. It came as some participants judged that market conditions were close to reaching full employment, while most members noted that the rapid recovery of global financial markets in the wake of the Brexit decision provided encouraging signs on the resilience of markets worldwide. At the same time, others emphasized that it was appropriate to wait for additional data to determine whether prices could firm in the coming months, as long-term inflation continues to run below the Fed's long-term goal of 2%.
The Dow Jones Industrial Average gained 21.92 or 0.12% to 18,573.94, while the S&P 500 Composite index added 1.55 or 0.03% to 5,228.66, as both indices crept higher after the release of the minutes. On the S&P 500, seven of 10 sectors closed in the green as stocks in the Utilities, Consumer Goods and Financials industries led. Stocks in the defensive-minded Utilities industry surged by more than 1.3% on the session.
The NASDAQ Composite index, meanwhile, ticked up 1.55 or 0.03% to 5,228.66, remaining near all-time record highs. By the same token, there was muted reaction on both bond and foreign exchange markets, as the U.S. Dollar and U.S. 10-Year Treasury yields remained relatively unchanged after the release.
The top performer on the Dow was Pfizer Inc (NYSE:PFE), which added 0.35 or 1.01% to 35.14. Pfizer (NYSE:PFE) finished just ahead EI du Pont de Nemours and Company (NYSE:DD), which gained 0.59 or 0.87% to 68.62. DuPont erased some losses from the previous session after officials from the European Commission announced they will investigate the potential anti-competitive ramifications of the conglomerate's proposed $122 billion merger with Dow Jones Industrial Average. The worst performer was Cisco Systems Inc (NASDAQ:CSCO), which plunged 0.49 or 1.56% to 30.64, ahead of its release of fourth quarter earnings after the bell. Investors also reacted to a report from CRN that the networking equipment company could layoff as much as 14,000 employees, representing approximately 20% of its workforce.
The biggest gainer on the NASDAQ was Norwegian Cruise Line Holdings Ltd (NASDAQ:NCLH), which added 1.03 or 2.74% to 38.66. It came amid reports from Morningstar that the international cruise line could still possess considerable global capacity growth over the next five years in spite of a reduced outlook last week. Following the release of Norwegian Cruise Line's quarterly results, analysts expressed some concern that the company's upside potential could be limited by a weakening British Pound as a result of this summer's Brexit referendum. The worst performer was Liberty Interactive Corp A (NASDAQ:QVCA), which fell 0.80 or 3.65% to 21.13. Shares in Liberty Interactive have plummeted more than 27% over the last year.
The Dow Jones Transportation Average inched up on Wednesday, even after U.S. Senators Richard Blumenthal (D, Connecticut) and Edward Markey (D, Massachusetts) sought answers in a letter to a host of airlines' companies on why a number of IT systems throughout the industry have experienced a series of failures in recent months. A massive computer failure last week led to the cancellation of 451 Delta Air Lines Inc (NYSE:DAL) flights over the span of a few hours. Shares in Delta gained 0.56 or 1.52% to 37.51.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,552-1,407 margin.