Stocks rise as Fed says inflation can temporarily climb above 2% target

Stocks inched higher Wednesday, recovering from earlier losses. The Federal Reserve released meeting minutes from its May gathering. The dollar rallied, and the 10-year Treasury yield edged lower.

Here's the scoreboard:

Dow Jones Industrial Average: 24,886.60 +52.19 (+0.21%)

S&P 500: 2,727.20 2.76 (+0.10%)

AUD/USD: 0.7563 -0.0014 (-0.18%)

ASX 200 SPI futures: 6,020.0 -22.5 (-0.37%)

1. Federal Reserve officials said they're comfortable letting inflation temporarily surpass their 2% target. Meeting minutes out Wednesday revealed most members of the board think they should raise rates "soon."
2. Congress passed an overhaul of Dodd-Frank, post-financial crisis legislation that created the Consumer Financial Protection Bureau. President Donald Trump is eager to sign the bill into law, which could be a big win for regional banks.
3. Inflation in the UK fell to the lowest level in more than a year. Consumer prices rose by 2.4% in April, the Office of National Statistics said, compared to 2.5% the month before. The British pound approached five-month lows following the report.
4. A bidding war for 21st Century Fox assets is heating up. Comcast said in a statement that it's considering extending an all-cash offer that would surpass Disney's $52 billion bid.
5. Bitcoin cash sank as much as 12%, falling below $1,000 for the first time since April.
6. Earnings season rolls on. Tiffany & Co. reported earnings that blew past expectations and raised guidance. Shares of the company gained more than 22%.

Here is the upcoming economic calendar:

• The European Central Bank releases meeting minutes.
• British retail sales numbers are out.
• US reports existing home sales.
• Eurogroup meets in Brussels.

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