Wall Street rises, dollar falls on Fed minutes; oil retreats

Wall Street rose, while the US dollar and bond yields fell on Wednesday after Federal Reserve meeting minutes signalled a gradual approach to interest rate hikes, and oil prices dipped on a draw of US gasoline stocks that was smaller than expected.

While the yield curve flattened, the S&P 500 closed at a record high after minutes from the US central bank's May 2-3 policy meeting indicated the Fed would gradually raise rates and wind down its USD 4.5 trillion of bond holdings.

The Dow Jones Industrial Average rose 74.51 points, or 0.36 percent, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25 percent, to 2,404.39 and the Nasdaq Composite added 24.31 points, or 0.4 percent, to 6,163.02.

Oil prices were lower after the Energy Information Administration said U.S. crude oil inventories fell for the seventh straight week.

US crude fell 0.35 percent to USD 51.29 per barrel and Brent was last at USD 53.94, down 0.39 percent.

Investors await the outcome of discussions in Vienna between OPEC and other oil-exporting countries on whether to extend output cuts.

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