U.S. stocks moved higher in afternoon trading Wednesday ahead of the release of minutes to the Federal Reserve’s last meeting of policymakers. Investors are looking for hints on an expected interest rate increase next month. Traders also welcomed corporate deal news from ConAgra Foods and Norfolk Southern. Health care stocks were among the biggest gainers.
KEEPING SCORE: The Dow Jones industrial average rose 150 points, or 0.9 percent, to 17,639 as of 1:13 p.m. Eastern Time. The Standard & Poor’s 500 index gained 17 points, or 0.9 percent, to 2,068. The gain moved the S&P 500 back into positive territory for the year. The Nasdaq composite added 49 points, or 1 percent, to 5,035.
SECTOR VIEW: Eight of the 10 sectors in the S&P 500 rose, led by health care stocks. Utilities and telecommunications services declined.
SPINOFF: ConAgra Foods climbed 4.6 percent after announcing that it would spin off its frozen potatoes business. The stock added $1.83 to $41.19.
BEING COURTED: Norfolk Southern rose 5.8 percent after receiving an unsolicited offer to be bought out by Canadian Pacific. The stock gained $5.03 to $92.
TASTY RESULTS: Jack in the Box climbed 5.3 percent after the burger chain gave an upbeat 2016 profit outlook. The stock added $3.68 to $73.67.
OFF TARGET: Target slumped 5.3 percent after the retailer reported that its sales at established locations increased in the third quarter at a slower rate than in the previous quarter. The stock shed $3.85 to $69.06.
CONFRONTING COSTS: Citrix Systems slid 9 percent on news that the computing company will slash about 1,000 jobs and spin off its GoTo business into a separate company as it seeks to cut costs. The stock fell $7.04 to $71.38.
FED WATCH: Investors will pore over the minutes to the last Fed meeting, to be released later in the day, for signs that the central bank will raise interest rates next month for the first time in almost a decade. Higher rates tend to weigh on stock markets, but investors have mostly become prepared for the Fed to act in December.
CONSTRUCTION SLOWS: The Commerce Department’s latest tally of home construction showed that builders broke ground on fewer houses and apartments in October. A steep drop in apartment construction contributed to the 11 percent slide in housing starts. Single-family house construction declined 2.4 percent.
MARKETS OVERSEAS: Europe markets ended mixed. Germany’s DAX dipped 0.1 percent, while France’s CAC-40 lost 0.6 percent. The FTSE 100 edged up 0.2 percent. In Asia, Japan’s Nikkei 225 gained 0.1 percent, the Shanghai Composite Index fell 1 percent and Seoul’s Kospi was unchanged. Hong Kong’s Hang Seng shed 0.3 percent.
ENERGY: Benchmark U.S. crude fell 26 cents to $40.41 a barrel on the New York Mercantile Exchange. It briefly dipped below $40 a barrel for the first time since August. Brent crude, used to price international oils, rose 3 cents to $43.60 a barrel in London.
BONDS & CURRENCIES: Bond prices held steady. The yield on the 10-year Treasury note was unchanged at 2.27 percent. The dollar rose to 123.51 yen from Tuesday’s 123.41 yen. The euro fell to $1.0643 from $1.0649.
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