US close: Stocks gain after FOMC meeting minutes

US stocks ended higher after minutes of the Federal Reserve's latest meeting showed several policymakers argued against an interest rate hike in April.

The Dow Jones Industrial Average closed up 0.64%, the S&P 500 rose 1.05% and Nasdaq increased 1.59%.

Members of the Federal Open Market Committee were concerned about the threat of slower global growth and low inflation when they voted to keep interest rates unchanged last month, the minutes of the central bank's March 15-16 meeting revealed.

Several also cautioned against an increase in April, saying it would signal a sense of urgency about the US economy that they did not think appropriate.

However, some other participants indicated that a hike at the next meeting "might well be warranted if the incoming economic data remained consistent with their expectations for moderate growth in output, further strengthening of the labour market, and inflation rising to 2% over the medium term", the minutes showed.

Rabobank reiterated that it expects two rate hikes this year, most likely in June and December, following the minutes. The market analyst noted that policymakers remained mixed on their views on interest rates so a rate hike in April remains a possibility.

"While the minutes confirm that there is a lot of uncertainty in the Committee about the economic outlook, with risks tilted to the downside, it is clear that hikes are on the agenda of each meeting now," Rabobank said.

Meanwhile, oil prices regained strength following bullish comments from OPEC member Kuwait and an unexpected decline US crude inventories.

Kuwait’s Governor for the Organization of Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, said she was confident both OPEC and non-OPEC members will go along with plans to cut crude output at the upcoming meeting in Qatar on 17 April.

US Department of Energy’s statistical arm – the Energy Information Administration – said American crude oil inventories fell 4.9m barrels in the week to April 1, compared with analysts' expectations for an increase of a 3.1-3.2m barrels.

West Texas Intermediate crude rose 4.9% to $37.77 per barrel and Brent increased 4.6% to $39.71 per barrel.

In company news, Pfizer’s shares gained after the company confirmed on Wednesday that the merger agreement with Allergan has been terminated by mutual agreement after the US Treasury announced new measures to curb tax inversions.

In connection with the termination of the merger agreement, Pfizer has agreed to pay Allergan $150m for reimbursement of expenses associated with the transaction.

Baker Hughes and Halliburton advanced after the companies vowed to fight the Justice Department’s lawsuit challenging their planned merger.

Harley-Davidson slumped after ITG Investment Research cut its first-quarter unit sales outlook for the motorcycle maker as sales showed weakness in March.

Constellation Brands jumped after the company reported fourth quarter earning that that beat expectations and raised its dividend.

In currencies, the US dollar rose 0.03% against the euro, increased 0.01% against the pound and fell 0.02% versus the yen.

S&P 500 - Risers
Baker Hughes Inc. (BHI) $42.83 +8.82%
Endo International Plc (ENDP) $29.23 +8.62%
Vertex Pharmaceuticals Inc. (VRTX) $91.31 +8.50%
Alexion Pharmaceuticals Inc. (ALXN) $157.02 +6.07%
Celgene Corp. (CELG) $108.22 +5.97%
Constellation Brands Inc. Class A (STZ) $160.34 +5.93%
Halliburton Co. (HAL) $36.44 +5.93%
Regeneron Pharmaceuticals Inc. (REGN) $427.20 +5.83%
Owens-Illinois Inc. (OI) $16.33 +5.63%
Baxalta Incorporated (BXLT) $40.65 +5.58%

S&P 500 - Fallers
Harley-Davidson Inc. (HOG) $46.34 -7.02%
CF Industries Holdings Inc. (CF) $29.32 -2.62%
Valero Energy Corp. (VLO) $61.68 -2.31%
Ventas Inc. (VTR) $62.08 -2.30%
Chipotle Mexican Grill Inc. (CMG) $455.25 -1.76%
Graham Holdings Co. (GHC) $472.77 -1.71%
Southwestern Energy Co. (SWN) $7.68 -1.66%
Wynn Resorts Ltd. (WYNN) $89.55 -1.51%
NRG Energy Inc. (NRG) $12.03 -1.47%
Cummins Inc. (CMI) $106.43 -1.47%

Dow Jones I.A - Risers
Pfizer Inc. (PFE) $32.93 +5.01%
Merck & Co. Inc. (MRK) $55.63 +2.56%
Chevron Corp. (CVX) $94.84 +2.34%
Visa Inc. (V) $78.21 +1.61%
Cisco Systems Inc. (CSCO) $28.00 +1.52%
Exxon Mobil Corp. (XOM) $83.31 +1.34%
Nike Inc. (NKE) $60.31 +1.07%
Apple Inc. (AAPL) $110.96 +1.05%
Microsoft Corp. (MSFT) $55.12 +1.03%
Procter & Gamble Co. (PG) $83.81 +0.78%

Dow Jones I.A - Fallers
Verizon Communications Inc. (VZ) $53.52 -1.05%
American Express Co. (AXP) $59.88 -0.52%
General Electric Co. (GE) $30.90 -0.26%
Travelers Company Inc. (TRV) $115.93 -0.17%
Goldman Sachs Group Inc. (GS) $155.19 -0.10%
Caterpillar Inc. (CAT) $75.22 -0.03%

Nasdaq 100 - Risers
Incyte Corp. (INCY) $81.87 +11.62%
Endo International Plc (ENDP) $29.23 +8.62%
Vertex Pharmaceuticals Inc. (VRTX) $91.31 +8.50%
Biomarin Pharmaceutical Inc. (BMRN) $89.34 +7.61%
Illumina Inc. (ILMN) $174.16 +6.37%
Alexion Pharmaceuticals Inc. (ALXN) $157.02 +6.07%
Celgene Corp. (CELG) $108.22 +5.97%
Regeneron Pharmaceuticals Inc. (REGN) $427.20 +5.83%
Mylan Inc. (MYL) $48.34 +5.27%
Biogen Inc (BIIB) $279.57 +5.25%

Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $3.87 -1.78%
Fastenal Co. (FAST) $47.11 -0.57%
Mattel Inc. (MAT) $32.91 -0.51%
Bed Bath & Beyond Inc. (BBBY) $48.81 -0.51%
Monster Beverage Corp (MNST) $134.17 -0.33%
NetApp Inc. (NTAP) $26.56 -0.26%
Netflix Inc. (NFLX) $104.83 -0.10%
T-Mobile Us, Inc. (TMUS) $39.10 -0.10%
American Airlines Group (AAL) $38.90 -0.08%