US stocks rise on Fed minutes

NYSE traders Image copyright Getty Images

(Closed): Stocks on Wall Street rose after the minutes from the Federal Reserve's March meeting indicated a cautious approach to raising rates.

The Dow Jones Industrial Average rose 112.73 points to 17,716.05.

The S&P 500 index climbed 21.49 points to 2,066.66, while the Nasdaq was 76.78 points higher at 4,920.71.

The minutes revealed that Federal Reserve members agreed with chair Janet Yellen that the Fed should "proceed cautiously" on interest rates.

Investors had been "somewhat concerned that there was perhaps a stronger tribe for more aggressive rate hikes and it really wasn't apparent in the minutes," said Jack Ablin, chief investment officer at BMO Private Bank.

Shares in drugs giant Pfizer rose 5% after the company confirmed it had scrapped its planned merger with Allergan.

Shares in Allergan - which had plunged nearly 15% on Tuesday in anticipation the deal would fall through - rose 3.5%.

Shares of Halliburton rose 6% after the company said it would fight the US Justice Department over a lawsuit to block its purchase of Baker Hughes.

Baker Hughes shares rose 8.8%.