U.S. stocks trimmed losses Wednesday afternoon after minutes from the Federal Reserve''s latest meeting showed the central bank leaning toward taking measures to stimulate the economy.
The Dow Jones industrial average fell 30.82 points to end the day at 13,172.80
The S&P 500 index squeezed out a gain of 0.35 points to 1,413.52, while the tech-heavy Nasdaq Composite Index grew 6.41 points to 3,073.67.
PC giants Dell and Hewlett-Packard were big profit laggards. Dell posted earnings that beat expectations, but shares slumped after the company issued a disappointing guidance. Rival HP is on tap to open its books after Wednesday''s close.
Shares of Toll Brothers rose after the luxury home builder reported surprisingly strong earnings, signaling further momentum in the U.S. housing market.
Express posted earnings that beating analyst expectations, but net sales fell short of forecasts, sending shares of the apparel retailer down more than 10%.
Shares of Williams Sonoma surged after the housewares retailer reported better-than-expected second-quarter earnings and raised its forecast for the rest of the year.
American Eagle delivered earnings that were in line with expectations, but the company''s forecast for the full year topped Wall Street''s forecast, boosting shares.
A third round of large bond purchases known as quantitative easing -- or QE3 -- is still on the table, according to minutes from the Fed''s latest policy meeting. The central bank is also debating a plan to lay out more explicit guidelines for Fed policy going forward.
Investors continue to keep an eye on Greece as Prime Minister Antonis Samaras meets with euro-zone officials throughout the week. He is expected to push for a two-year extension of the country''s bailout program, which would give the government more time to implement difficult reforms and help get the nation''s economy back on track.
On matters economic, existing home sales came in at an annual rate of 4.47 million in July, up from June''s 4.37 million, according to the National Association of Realtors. The results were below an economists'' consensus compiled by Briefing.com.
The price on the benchmark 10-year U.S. Treasury gained, pushing the yield down to 1.72% from Tuesday''s 1.81%. Treasury prices and yields move in opposite directions.
Oil for September delivery gained 47 cents to $97.31 U.S. a barrel.
Gold futures for December delivery fell $2.40 to settle at $1,640.50 U.S. an ounce.
