NEW YORK (TheStreet) - It was fun while it lasted.
After a brief rally following the release of the Federal Reserve's October minutes, stocks ended up on a blah note. The major averages closed slightly lower, just off their record highs.
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Despite a slew of retailers' earnings and housing data in the morning, the only thing investors seemed to care about was the Fed minutes. Once they came out mid-afternoon, the market seemed to think the Fed was signaling that rates would remain at historic lows even after its economic targets were reached. Stocks quickly rallied.
But then that sentiment melted away and the market decided there was nothing new in the Fed minutes after all. Stocks quickly fell back.
In the end, it was another day of minor moves, which has been the case with stocks all week.
For those keeping score at home, the Fed minutes were essentially from the same playbook as the past few months: inflation remains a concern, there's still bickering as to when the central bank should raise interest rates, and members promise to keep an eye out for curveballs from global markets.
"I don't think there were any surprises," Wells Fargo's chief fixed income strategist Brian Rehling said on a call. "There was no specific discussion about when the Fed might remove the 'considerable time' language, although it was mentioned but no hints as to if that will come at the next meeting and definitely no hints regarding when interest rates may begin to increase."