* Investors eye Jackson Hole meeting of central bankers
* Lowe's, Target shares rebound; American Eagle rallies
* Hertz tumbles after withdrawing forecast
* Dow up 0.17 pct, S&P up 0.08 pct, Nasdaq down 0.09 pct
(Updates to afternoon)
By Akane Otani
NEW YORK, Aug 20 U.S. stocks slightly pared
gains on Wednesday after minutes from the Federal Reserve's July
meeting showed the central bank remains accommodative but may
hike interest rates sooner depending on the economy's rebound.
The minutes came after a two-day meeting of the Federal Open
Market Committee in July, where the Fed trimmed its monthly
bond-buying program by an additional $10 billion.
Stocks were mixed, with the S&P 500 within 8 points of its
all-time high and the Nasdaq Composite slightly retreating from
gains earlier in the day.
"I don't think there were really any surprises in the
minutes, or that the markets are reacting meaningfully to them,"
said Carin Pai, executive vice president and director of equity
management at Fiduciary Trust in New York.
Investors are more concerned with the upcoming annual
meeting of top central bankers in Jackson Hole, Wyoming, that
will take place from Thursday through Saturday, Pai said. There,
Yellen is expected to acknowledge that while economic data has
generally been supportive, she remains concerned about the labor
"There's going to be a little more color coming out Friday,"
The Dow Jones industrial average rose 24.9 points, or
0.15 percent, to 16,944.49. The S&P 500 was up 1.14
points, or 0.06 percent, to 1,982.74. The Nasdaq Composite
fell 4.68 points, or 0.1 percent, to 4,522.83.
Lowe's Cos Inc was up 2.2 percent at $52.64,
rebounding from a session low of $49.71. The world's No. 2 home
improvement products retailer reported better-than-expected
second-quarter results but cut its full-year sales
Fellow retailer Target Corp rose 2.5 percent to
$60.72, shaking off initial declines after second-quarter
earnings fell shy of analysts' estimates and the company cut its
Despite some tepid numbers from retailers, the S&P retail
index gained 1.1 percent and was on track for its fifth
gain in six sessions.
Lowe's and Target have "specific issues as opposed to
representing what is going on in the broader retail market,"
said Kim Forrest, senior equity research analyst at Fort Pitt
Capital Group in Pittsburgh.
American Eagle Outfitters was a bright spot in the
retail sector after second-quarter results beat expectations and
it forecast third-quarter earnings in line with the current
estimate. Its shares jumped 10.8 percent to $12.84.
On the downside, Hertz Global Holdings tumbled 9.9
percent to $28.43. The rental car company withdrew its full-year
financial forecast and said it expects 2014 results "well below"
its previous guidance due to business challenges and costs.
(Editing by Bernadette Baum and Nick Zieminski)