NEW YORK (TheStreet) -- Stocks deflated from session highs in the late afternoon session on Wednesday as Wall Street digested the minutes from the latest Federal Reserve meeting that suggested a rate hike in June was off the table.
The S&P 500 was up 0.17% to 2,130 after hitting an intraday record of 2,134, and the Dow Jones Industrial Average climbed 0.03% to 18,318 following a record 18,344. The Nasdaq added 0.32%.
Investors are "getting confused by what they believe the consensus of the Fed is," said Kevin Mahn, managing director of Hennion & Walsh Asset Management, in a call. "The Fed ... [is] putting the doubt back in that it may not happen in June. The question then becomes, does it happen in September? If second-quarter GDP disappoints, does it happen in 2015 at all?"
The minutes telegraphed that many on the Fed board saw a June rate hike as unlikely, with only a few members supporting an increase so soon.
"Many participants ... thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied, although they generally did not rule out this possibility," according to the minutes from the April 29 meeting.
Members also said first-quarter weakness was transitory, citing a recent trend of slow starts to the year, alongside winter winter and the West Coast port slowdown. The Fed said it expects the economy to return to growth given low rates, high confidence and rising incomes.