* Fed meeting minutes due out at 2:00 p.m. EDT
* Tiffany shares jump after results
* Lowe's misses expectations, but sales better in May
* Indexes up: Dow 0.76 pct, S&P 0.56 pct, Nasdaq 0.59 pct
(Updates to open, adds quote)
By Chuck Mikolajczak
NEW YORK, May 21 U.S. stocks rebounded on
Wednesday after a broad selloff in the prior session, ahead of
the release of minutes from the most recent meeting of the U.S.
The Fed will release the minutes from its late-April meeting
at 2:00 p.m. (1800 GMT), when the central bank looked past a
dismal reading on first-quarter U.S. growth and gave a mostly
upbeat assessment of the economy's prospects as it announced
another cut in its massive bond-buying stimulus.
"I suspect they are going to continue this low interest rate
environment, very accommodative monetary policy, for a very long
period of time in an effort to help markets feel a little bit
calmer as it relates to a hike in interest rates," said Joseph
Tanious, global market strategist at J.P. Morgan Asset
The gains put the S&P 500 on track for its third advance in
the past four days. Equities have been uneven recently, however,
and the benchmark S&P index is down about 1 percent from its
record intraday high reached on May 13.
"Markets are still struggling to find some meaningful
direction this year; so far we have seen quite a bit of
choppiness in the markets - that, in and of itself, leads
investors to be very nervous," said Tanious.
New York Federal Reserve President William Dudley said on
Tuesday inflation should "drift upwards" towards the Fed's 2
percent goal, but a swift climb in inflation was unlikely.
Philadelphia Fed President Charles Plosser said the $2.5
trillion in reserves accumulated by banks could trigger more
Lowe's Companies slipped 0.5 percent to $45.27
after the world's second-largest home improvement chain said
sales picked up in May and it would maintain its full-year sales
growth forecast, even as it reported weaker-than-expected
The Dow Jones industrial average rose 124.05 points,
or 0.76 percent, to 16,498.36, the S&P 500 gained 10.57
points, or 0.56 percent, to 1,883.4 and the Nasdaq Composite
added 24.17 points, or 0.59 percent, to 4,121.06.
Tiffany & Co jumped 9.9 percent to $97 as the best
performer on the S&P 500 after the jewelry retailer reported
stronger-than-expected quarterly results and raised its
full-year profit forecast.
Target Corp reported a 16 percent drop in quarterly
profit but showed signs of progress in its efforts to rebuild
customer confidence in the wake of a massive theft of payment
card data in the United States and a botched expansion into
Canada. Shares edged up 0.4 percent to $56.83.
With earnings season nearly completed, Thomson Reuters data
through Wednesday showed that of 478 companies in the S&P 500
that have reported earnings, 68.2 percent topped expectations,
above the 63 percent average since 1994 and a 66 percent beat
rate for the past four quarters.
(Editing by Bernadette Baum)