5-21-14 1:45 PM EDT | Email Article

By Anora Mahmudova, MarketWatch


NEW YORK (MarketWatch)--The U.S. stock market rebounded Wednesday and wiped out nearly all the previous session's losses, as investors turned their focus to the minutes from the latest Federal Open Market Committee meeting, due at 2 p.m. Eastern, for clues about the timing of the next rate increase.


The S&P 500 index (SPX)rose 11 points, or 0.6%, to 1,883.84, with gains across all 10 main sectors. The Dow Jones Industrial Average (DJI) jumped 138 points, or 0.8%, to 16,502.04. The Nasdaq Composite (RIXF) gained 25 points, or 0.7%, to 4,123.56.


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"Today we get Fed minutes, which sometimes move markets, especially after Plosser's remarks yesterday that some believe ignited the weakness midday," Scott Redler, chief strategist at T3 Live and T3 Trading Group, wrote in emailed comments.


"I'm not so sure it was his statements that made the difference, all I know is that frustration is running high and there is a distinct difference between the action in each market," he added.


Retail companies were in the spotlight again with several earnings releases ahead of the opening bell.


Shares of Tiffany (TIF) jumped 8.8% after the luxury-jewelry maker reported sales and earnings that beat estimates, and it lifted its outlook for fiscal 2015.


Target (TGT) shares gained 0.5% after the discount chain posted adjusted quarterly earnings of 70 cents a share, vs. forecasts for 71 cents, on sales that roughly matched expectations. On Tuesday, the company replaced the president of its struggling Canadian business.


Retail stocks were hit on Tuesday, contributing to broad losses, after disappointing earnings from TJX Cos. (TJX) and Staples Inc. (SPLS) among others.


Home-improvement retailer Lowe's (LOW) on Wednesday reported first-quarter earnings that came in ahead of analyst expectations by one penny a share, but sales missed estimates. Lowe's also lifted its per-share earnings view for 2015. Shares were last down 0.7%.


PetSmart Inc. (PETM) dropped 8.1% after it reduced its outlook as it delivered its quarterly results.


Shares in American International Group Inc. (AIG) rose 2% after Goldman Sachs analysts upgraded the stock to buy from neutral and raised the price target to $63.


Michael Nannizzi and his team wrote: "We believe AIG will generate [systematically important financial institution]-high capital and is best positioned among SIFI candidates to deploy capital accretively into its core businesses if large-scale buybacks are not a near-term option."


Netflix Inc (NFLX) shares rose 3.2% after the Internet television network announced plans to expand across Europe.


Yellen, Dudley speeches, minutes ahead


Investors will get a look at the minutes of the latest Fed meeting at 2 p.m. Eastern time, which could reveal details of when, and by how much, interest rates will be raised. The Fed continued to taper at its April 30 meeting, saying activity had "picked up recently" after a winter slowdown.


Janet Yellen delivered the commencement speech at Yankee Stadium for New York University students. The Fed chief is part of a busy Fed lineup for Wednesday.


New York Fed President William Dudley, who is a voting member of the Fed policy committee, held a quarterly press briefing on regional labor markets and economic conditions. Dudley's speech may have given a sneak preview of Fed minutes


Kansas City Fed President Esther George, who is not a voting member this year, delivered a speech in Washington on the economy and banking.


Minneapolis Fed President Narayana Kocherlakota, a policy committee voting member, speaking on monetary policy and the economy at the Economic Club of Minnesota, said that the Federal Reserve should target a price level rather than an inflation rate after missing its goal for several years.


U.K. stocks fall, European stocks gain modestly


In overseas markets, European stocks made small gains as investors kept an eye on key European Parliament elections and purchasing-manager index data due later in the week. U.K. stocks fell for a third day and the British pound (GBPUSD) jumped against the dollar after the release of minutes from the Bank of England's latest meeting that were viewed as hawkish.


Asian stocks posted moderate losses across the board, with the Nikkei 225 index off 0.2% and the Bank of Japan leaving its monetary policy on hold at its latest meeting.


Gold for June delivery (GCM4) dipped, while oil for July delivery (CLN4) pared gains ahead of a report on U.S. supply data. Citigroup also raised its Brent oil forecasts for 2014 and 2015 on Wednesday.


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-Anora Mahmudova; 415-439-6400; AskNewswires@dowjones.com


Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

05-21-14 1345ET

Copyright (c) 2014 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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Morningstar - 2014/5/21 - UPDATE: U.S. stocks rally ahead of Fed minutes
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