Bulls Seize the Minutes

The stock market cheered itself Wednesday.

In an afternoon rally, traders celebrated how well the market shrugged off a correction in Chinese stocks and relatively hawkish minutes of the Fed's May 9 meeting, which gave no indication that rate cuts are on the horizon.

The Shanghai Composite index fell 6.5% overnight as it dragged down other Asian and European indices. But the shock value of the Chinese selloff overnight Tuesday was minimal after former Fed Chairman Alan Greenspan foreshadowed it last week, and after China's February plunge sparked a U.S. stock market pullback, says Tony Dwyer, equity market strategist at FTN Midwest Securities. ...