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Stocks close mixed after Fed minutes real estate, utilities lead

U.S. stocks steadied Wednesday, closing narrowly mixed after the Federal Reserve' s September meeting minutes affirmed previous expectations for a possible December rate hike.

" We remain where we are: a market still betting Chair Yellen wants a hike in December," said Quincy Krosby, market strategist at Prudential Financial. " Mark your calendar for December 13 to 14 to see if Yellen sticks to the message she' s been telegraphing Since Jackson Hole. "
Fed officials in favor of hiking interest rates worried that waiting too long could send the country into recession, the minutes showed.

Three Fed policymakers dissented at the Federal Open Market Committee' s September meeting. Those who agreed with the decision then to keep rates unchanged said in the minutes that it was " appropriate to await further evidence of continued progress to the Committee' s acceptance objectives."

" I think it was fairly neutral, although it' s telling me there' s very active debate about whether or not to raise," said Eric Stein, co-director of global income at Eaton Vance. " To me, it' s a lot about who Yellen is following . Last year, it seemed to be Yellen [Fed Vice Chairman Stanley] Fischer this year, it seems like it' s [Fed Governor Lael] Brainard.

The market is largely anticipating the Fed to raise interest rates later this year, with fed funds futures pricing in a more than 65 percent probability for a hike in December, but just 20 percent for November, according to RBS.

In oil markets, U.S. crude settled 1.2 percent lower at $ 50.18 a barrel, while traders weighed talks between OPEC and other oil-exporting nations on curbing output.

Overseas, European markets were mostly lower, with the pan-European Stoxx 600 index falling 0.47 percent as sentiment was dented by the U.S. session' s poor performance Tuesday.

Gold futures for December delivery fell $ 2.10 to settle at $ 1,253.80 per ounce.

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