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U.S. stocks close higher following Fed minutes
FOMC minutes reveal taper will end in October
NEW YORK (MarketWatch) — The U.S. stocks closed modestly higher on Wednesday after the FOMC minutes revealed that policy-makers decided to end the Fed’s bond purchases by October if the economy stays on track.

The Fed plans to end purchases altogether with a final reduction of $15 billion at its October meeting, after trimming it by $10 billion at each meeting up to that point, while keeping the rates near zero for a considerable time. Investors took that as a bullish sign and pushed prices higher.

The S&P 500 (SNC:SPX) gained 9 points, or 0.5%, to the preliminary 1,972.79. The Dow Jones Industrial Average (DJI:DJIA) closed 79 points, or 0.5%, higher at the preliminary 16,985.68. The Nasdaq Composite (NASDAQ:COMP) rose 27 points, or 0.6%, to 4,419.03.

“In the short-term, we are concerned that there is a bit of optimism about the second-quarter earnings. Expectations for overall markets are high and this may lead to some short-term downside if companies come short,” said Joe Bell, senior equity analyst at Schaeffer’s Investment Research.

“We believe this quarter financials are likely to surprise on the upside, just because there is too much skepticism about the sector, the only one to deliver negative growth,” Bell added. http://www.marketwatch.com/story/us-stocks-futures-hold-steady-ahead-of-fomc-2014-07-09