NEW YORK (TheStreet) -- Stocks were slightly higher as investors traded nervously ahead of the release of the minutes from the latest Federal Reserve meeting Wednesday afternoon.
The S&P 500 was up 0.05%, the Dow Jones Industrial Average added 0.11% and the Nasdaq climbed 0.02%.
The Department of Justice settled with six major banks over criminal charges related to manipulation of currency markets. Citigroup (C), UBS (UBS), Barclays (BCS), JPMorgan (JPM) and RBS (RBS) pleaded guilty and will pay a total $5.6 billion in fines. Bank of America (BAC) was fined $205 million.
Crude oil spiked after weekly inventories declined more than expected. The Energy Information Administration reported a fall of 2.7 million barrels in crude supplies for the week ended May 15. Analysts had expected a drop of 2 million barrels. West Texas Intermediate was up 1.2% to $58.70 a barrel.
Investors on Wednesday will be closely monitoring minutes from the April 29 meeting, at which Fed officials hinted a rate hike wasn't likely as soon as June. The minutes are expected to be released at 2 p.m. EDT.
David Ader, head of government bond strategy at CRT Capital, said he remains skeptical any new information will be gleaned from the minutes.
"We don't expect much from those minutes given that we had the statement which is in effect an executive summary of the minutes and we've had Fedspeak and data subsequently," he said. "We don't think we'll be able to extract any more specifics on the timing of a hike nor insight into the path."