Stocks Mostly Rise as Fed Considers Prompt Move on Rate Hikes

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Stocks mostly rose on Wednesday, with the S&P 500 almost touching its record close, after a report from the Federal Reserve's last meeting showed some officials want a "relatively prompt" rate hike based on the economy's progress. The Dow Jones Industrial Average closed unofficially 59 points higher and the S&P 500 rose almost 5 points to 1986.51, just shy of its record close of 1987.98 set on July 24. The Nasdaq slipped 1 point. "What has accelerated more than anything is the debate. With (Fed Chair Janet) Yellen in particular, and the Fed in general, the general bias is leaving in place stimulus for as long as they can," said Bruce McCain, chief investment strategist, Key Private Bank "The minutes could sound somewhat hawkish, as there is a lot to be optimistic about," said Anastasia Amoroso, Global Market Strategist at J.P. Morgan Funds, speaking before the Federal Open Market Committee released minutes from its July 29-30 meeting. At that meeting, the central bank reduced its monthly bond buys by another $10 billion, with the purchases expected on end in October.

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- Kate Gibson,