(CNBC) — U.S. stocks closed off session highs Wednesday, with the Dow and S&P little changed after the Federal Reserve's April meeting minutes said a June rate hike was likely if the data improves. ( Tweet This )
"I think this is a short-term, kneejerk reaction. When you look at what the Fed is saying, they're saying the economy is in pretty good shape," said Brad McMillan, chief investment officer at Commonwealth Financial.
Financials climbed nearly 1.9 percent to lead three S&P 500 advancers, while utilities was the greatest laggard. Goldman Sachs and JPMorgan Chase contributed the most to gains in the Dow Jones industrial average, while Wal-Mart had the greatest negative impact. The stock fell 3 percent ahead of its earnings due Thursday morning.
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