Stock Market Today: Stocks Nudge Higher as Markets Await Fed Insight

NEW YORK (TheStreet) -- Geopolitics have been shoved to the backburner with the spotlight for U.S. investors now on Federal Reserve Chief Janet Yellen and the U.S. central bank.

Stocks were mooted early Wednesday afternoon following the sharp run-up of the last two sessions, with investors awaiting any potential surprises in the Fed minutes to be released at 2 p.m. EDT.

The Dow Jones Industrial Average ticked up 0.17% to 16,948.81. The S&P 500 was up 0.1% to 1,983.54, and the Nasdaq was up 0.03% to 4,528.96.

Despite essentially directionless trading since the opening bell and slightly negative futures, the mood of the market remains cautiously bullish.

Read More: Aug. 20 Premarket Briefing: 10 Things You Should Know

"The prevailing momentum that has built into trading over the last five sessions is evident," said Keith Bliss, senior vice president at brokerage Cuttone & Co., who expects the S&P to reach new all-time highs based on a positive momentum indicator the he picked up on Tuesday evening.

The Fed will release the minutes of its July 29-30 meeting on Wednesday, preceding the annual symposium in Jackson Hole, Wyo., of global central bankers that will carry on for the rest of the week. A key question that the minutes might answer is whether Yellen faced increased pressure from the more hawkish officials to begin raising interest rates shortly after QE wraps up in October vs. the more dovish officials who are not worried about "falling behind the curve" amid concerns over continued labor market slack and a lack of wage growth. Yellen has a speech planned for Friday at Jackson Hole.

If you liked this article you might like

Forecast for S&P 500, Dow Industrials Remains Bullish, These Charts Show

Dow 20,000! It Should Mean Nothing to Investors, but Then Again...

Tradebird Investors Are Bullish on U.S. Stocks but Bearish on the Euro

Why Home Depot and Boeing Stock Fell Tuesday