U.S. stocks mostly advanced on Wednesday, lifting the S&P 500 to within reach of a record, after minutes from the Federal Reserve's last meeting showed some Fed officials want a "relatively prompt" rate hike based on the economy's progress.
Read MoreFed minutes: Some say more data needed
"What has accelerated more than anything is the debate. With (Fed Chair Janet) Yellen in particular, and the Fed in general, the general bias is leaving in place stimulus for as long as they can," said Bruce McCain, chief investment strategist, Key Private Bank
"The minutes could sound somewhat hawkish, as there is a lot to be optimistic about," said Anastasia Amoroso, Global Market Strategist at J.P. Morgan Funds, speaking before the Federal Open Market Committee release of minutes from its July 29-30 meeting, at which the central bank reduced its monthly bond buys by another $10 billion, with the purchases expected on end in October.
But, "whatever hawkishness comes out today will be because of better data, and will be offset by a dovish tone in Jackson Hole," she added of Friday's annual economic gathering in Wyoming, with Fed Chair Janet Yellen and European Central Bank President Mario Draghi both speaking.
Target shares turned higher after the discount retailer reported quarterly earnings beneath estimates but cut its forecast for the full year. Lowe's reported earnings that topped expectations but trimmed its guidance for full-year sales growth. The reading comes a day after rival Home Depot posted strong earnings.
Shares of Apple rose to an all-time high of $101.09.
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Shares of International Rectifier jumped after Germany's Infineon Technologies said it would acquire the U.S.-based seimiconductor company for about $3 billion in cash.
