"The market is definitely acting as if the Fed rate hike has been pushed back a bit," said Collin Martin, senior research analyst for fixed income at Charles Schwab. The minutes showed "concern about the core level of inflation."
"When (a rate hike) does come the pace and magnitude is going to be slow," Martin said.
Stocks were little changed earlier following news that the European Central Bank approved a two-week extension of liquidity for Greek banks, according to Dow Jones, citing a source.
"The Greece news is probably more important," said Art Hogan, chief market strategist at Wunderlich Securities.
The news is "a step in the right direction and shows willingness of negotiation," said Peter Cardillo, chief market economist at Rockwell Global Capital.
Treasury Secretary Lew spoke with Greek finance minister this morning, and urged the Greek Prime Minister to find constructive path forward with European Union and the International Monetary Fund, Reuters said. Greece will submit a request to the euro zone on Thursday to extend its loan program for up to six months.
"I think the Greece situation, everybody wants to keep it on the radar," said JJ Kinahan, chief derivatives strategist at TD Ameritrade. "It's going to be a day-to-day thing for the next few weeks. Unfortunately there's no neat way to put an end to this situation."
Stocks closed near highs on Tuesday on encouraging reports out of Greece, with the S&P 500 setting its second record for 2015 and the Dow Jones industrial average above 18,000. The Nasdaq was slightly off its dotcom bubble high of 5,048.62.
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"I think we're a bit ahead of ourselves and due for a sideways trade here," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.
Among several U.S. economic data points released on Wednesday, industrial production increased 0.2 percent in January, slightly below expectations.
The Labor Department said its producer price index for final demand dropped 0.8 percent, the biggest drop since the revamped series started in November 2009, after falling 0.2 percent in December. It was the third straight month of decline in the PPI.
U.S. housing starts fell in January as ground breaking for single-family projects slipped off a 6-1/2-year peak, but stayed at levels consistent with a gradually improving housing market.
Hilton Worldwide missed estimates by one cent with adjusted quarterly profit of 17 cents per share, though revenue was above estimates. Hilton's revenue per available room in properties open at least a year rose less than expected, and the company is also projecting current quarter earnings below Street estimates.
Starwood Hotels said it will pay former CEO Frits Van Paasschen $7.2 million in severance, according to an SEC filing. He'll also get a $312,500 consulting fee for helping Starwood find his replacement.
Actavis earned $3.91 per share for its latest quarter, beating estimates of $3.67. Revenue was also above estimates and the company also raised its full-year forecast on upbeat sales growth for its top selling products. The drug maker is also planning to take the Allergan corporate name when it completes acquisition of that company, pending shareholder approval.
Garmin earned an adjusted 77 cents per share for its latest quarter, one cent below estimates, though revenue beat consensus. The firm did say currency issues will slow revenue growth this year, but it will continue to invest in research and development.
Earnings reports from Marriott, Energy Transfer Equity, Marathon Oil, Norwegian Cruise Line and SolarCity are due after the bell.