(MENAFN- ProactiveInvestors) U.S. stocks were still lower Wednesday after minutes from the Fed's latest meeting showed several Fed officials were pushing for a more clear timetable of the pace of coming rate increases having little impact on markets.
The losses came on the heels of another record session for the Dow and the S&P 500.
At the closing bell in New York the Dow Jones Industrial Average fell 3 points to 17685 while the Nasdaq lost 26 points to 4676 and the S&P 500 skidded 3 points to 2049.
The minutes from the FOMC meeting on October 28-29 revealed that while most on the Fed supported keeping the language of keeping rates low for "a considerable time" a number believed it could soon be helpful to clarify the central bank's approach. By a 9-1 vote the Fed on October 29 ended its asset purchase program and repeated that rates will likely stay near zero for a considerable time adding that the first move could come sooner if economic data are better than expected.
Ahead of the minutes from the FOMC meeting the Commerce Department reported housing starts fell 2.8% last month to an annualized pace of 1.01 million from 1.04 million in September. Economists polled by MarketWatch had expected the overall starts rate to tick up to 1.03 million from an originally reported rate of 1.02 million in September.
In corporate activity retail earnings were a major focus today with Target () Lowe's () and () all reporting before the opening bell.
Target shares advanced over 6.9% after the retailer posted a surprise increase in third-quarter profit as U.S. sales improved faster than expected and its expansion into Canada showed signs of growth.
Lowe's shares rose more than 6% after the home improvement retailer raised its outlook after its quarterly results beat estimates. also gained over 9% after its earnings topped Wall Street views as demand recovered for paper and ink products.
() added 6% after the furniture maker beat Wall Street estimates late Tuesday.
After the closing bell L Brands () () and () are due to report results.
In other stock news Petsmart () rose 6% after Reuters reported buyout firms KKR and Clayton Dubilier & Rice have teamed up to take the company private for more than $7.5 billion. The company also reported fiscal third quarter results that topped views last night.
According to the New York Post () may have to sell more than 4000 stores more than double the 1500 it said it was willing to sell if it wants to gain regulatory approval to buy Family Dollar ().
Tesla's () stock fell around 4% Wednesday after cut its estimates.
TransCanada (NYSE:TRP) gained 2.4% even after the Senate last night narrowly rejected a bill to approve the construction of the Keystone XL oil pipeline.
European markets finished mixed today with the FTSE 100 in London settling lower after minutes from the Bank of England meeting hinted at deepening divisions.
Asian markets ended lower with the Nikkei dropping 0.3% as investors booked profits following Prime Minister Shinzo Abe's delayed tax hike.
Gold for December delivery slid $3.20 to settle at 1193.90 an ounce on reports that support for a Swiss referendum to require the country's central bank to hold 20% of its reserves in gold bullion was losing momentum. Light sweet crude futures for delivery in December fell 3 cents less than 0.1% to settle at $74.58 a barrel.
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