After showing a strong upward move over the course of late morning and early afternoon trading on Wednesday, stocks have given back some ground since then. The major averages have moved well off their best levels of the day, although they remain in positive territory.
The pullback by the markets coincided with the release of the minutes of the March Federal Open Market Committee meeting, which said that committee members remain concerned about downside risks to an already weak outlook for economic activity.
The minutes showed that nearly of the meeting participants felt that economic conditions had deteriorated relative to their expectations at the time of the January meeting.
While the minutes also said that the committee members agreed that purchases of longer-term assets eligible for open market operations would be appropriate, they did not provide any additional details about the Fed's purchase plans.
The major averages have moved further off their highs in recent trading, with the Dow pulling back near the unchanged line. The Dow is currently up 11.55 at 7,801.11, the Nasdaq is up 18.89 at 1,580.50 and the S&P 500 is up 4.41 at 819.96.
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