MARKET SNAPSHOT: U.S. Stocks Edge Higher; FOMC Minutes In Focus

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks struggled to build on opening gains on Wednesday as investors focused on earnings results and awaited the minutes from the Federal Reserve's last meeting later this afternoon.

The S&P 500 (SPX) was 2.5 points, or 0.1%, higher at 1,854.76. The Dow Jones Industrial Average (DJI) added 34 points, or 0.2%, to 16,297.56. The Nasdaq Composite (RIXF) rose 22 points, or 0.5%, to 4,134.72.

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Wednesday's economic calendar includes the release of the minutes from the Federal Reserve's Federal Open Market Committee meeting at 2 p.m. Eastern. Investors hope the minutes will give some insight to the Fed officials' decision to discard the 6.5% unemployment rate threshold for interest rates hikes.

Fed officials have publicly encouraged a view that the first interest-rate hike won't happen until the second half of 2015 at the earliest, and most economists don't expect the minutes to sway from that. Spotlight on economy: A chance to read the Fed tea leaves on Wednesday.

Late Tuesday, Federal Reserve Bank of Chicago President Charles Evans said there is a risk that policy makers will "withdraw ... accommodative policies prematurely," The Wall Street Journal reported.

"I think it's just human nature to start thinking we've been doing this for a long time," Evans reportedly said.

Evans will also speak in Washington, D.C. at the Hyman Minsky Conference on "Stabilizing Financial Systems for Growth and Full Employment" at 3:30 p.m. Eastern. Fed Governor Daniel Tarullo speaks at the same conference at 7 p.m. Eastern.

In addition, a report on wholesale inventories for February will be released at 10 a.m. Eastern Time.

Alcoa, Constellation

Among individual companies, Alcoa (AA) shares rose 3.4% after the aluminum producer's adjusted earnings per share topped estimates, though revenue came in just under expectations. The company also said it still expected aluminum demand to rise around 7% this year. The company reported earnings results after market close on Tuesday. Why Alcoa still matters to investors.

In other earning news, Constant Contact Inc. (CTCT) jumped 26% after the online marketing company posted results late Tuesday.

Constellation Brands Inc. (STZ) rose 1.9% after posting fiscal fourth-quarter earnings above consensus estimates.

Intuitive Surgical Inc. (ISRG) was down 7.4%, following an 8% late-session drop Tuesday after the surgical robot maker warned on revenue.

In other markets, gold (GCK4) edged lower, while crude oil (CLK4) inched up. Wall Street's higher run on Tuesday inspired gains for Europe and most of Asia, with the exception of the Nikkei 225 index . The Tokyo benchmark fell 2.1% as the yen (USDJPY) rallied overnight against the dollar and as Toyota Motor Inc. (TM) fell more than 3% on reports the auto maker recalled 6.4 million vehicles world-wide.

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