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The U.S. stock market closed up slightly higher Wednesday, led by technology stocks, with the Federal Reserve meeting minutes in March not surprising because of moderate inflation data in the United States.
The Dow Jones Industrial Average was suppressed by industrial stocks today and managed to close higher.
After the release of the Federal Reserve minutes, the three major U.S. stock indexes remained relatively unchanged. The minutes reiterated the Fed's patience with future interest rate increases.
"There's nothing new in the Federal Reserve minutes, as the market expects," said Stephen Massocca, senior vice president of Wedbush Securities. "That's how the Fed likes to operate. They want to reiterate their existing expectations, and they did.
According to a report released by the U.S. Department of Labor, the core consumer price index (CPI), excluding food and energy, grew at its lowest rate in more than a year over the same period last year, further supporting the Federal Reserve's decision to suspend its three-year interest rate increase.
"Core data show no inflation, while overall data reflect rising gasoline prices, which is a resistance to economic growth and a tax on consumers," said Bucky Hellwig, senior vice president of BB&T Wealth Management.
Executives of some major U.S. banks testified in Congress for the first time since the financial crisis of 2007-2009. In a few days, the banks will report their results, and analysts cut their performance expectations.

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