Alex Veiga, Associated Press

Posted: Thursday, November 20, 2014, 1:08 AM

U.S. financial markets pulled back slightly from their most recent record highs Wednesday, ending lower for the first time this week.

Investors sifted through a batch of favorable corporate earnings as they waited for the Federal Reserve to publish the minutes from its late-October policy meeting.

In the end, the deeper look at the Fed’s deliberation did not sway trading meaningfully.

The S&P 500 index slipped 3.08 points, or 0.15 percent, to 2,048.72.

The Dow fell 2.09 points, or 0.01 percent, to 17,685.73.

The Nasdaq composite shed 26.73 points, or 0.57 percent, to 4,675.71.

Avon Products led the S&P 500 index’s decliners, sliding 47 cents, or 4.7 percent, to $9.43.

During its Oct. 28-29 policy meeting, the Fed reaffirmed that it expected to keep a key short-term interest rate low for a considerable time.

The minutes released Wednesday showed that the Fed decided not to alter its wording on the timing of any interest rate increases. Fed officials worried that a change could be misinterpreted by financial markets.

Most economists predict that the Fed will not raise rates before June.

Apart from the Fed action, investors had their eye on quarterly earnings from several retailers.

Lowe’s reported better-than-expected third-quarter earnings, helped by a nascent recovery in the housing market. The home improvement retailer also raised its full-year forecast. The stock rose $3.73, or 6.4 percent, to $62.26.

Target also reported third-quarter earnings that exceeded Wall Street’s expectations, rebounding from a massive data breach just before Christmas last year. Its shares gained $4.99, or 7.4 percent, to $72.50.

Investors also bid up shares in Staples, which reported higher fiscal third-quarter earnings late Wednesday. The office supply chain surged $1.16, or 9.1 percent, to $13.92.

Benchmark U.S. crude fell 3 cents to close at $74.58 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 37 cents to close at $78.10 on the ICE Futures exchange in London.

In other energy futures trading on the NYMEX, wholesale gasoline rose 0.1 cents to close at $2.044 a gallon. Heating oil fell 2.2 cents to close at $2.359 a gallon. And natural gas rose 12.7 cents to close at $4.371 per 1,000 cubic feet.

In metals trading. the price of gold fell $3.20 to $1,193.90 an ounce, silver rose 12 cents to $16.29 an ounce, and copper rose four cents to $3.05 a pound.

The yield on the 10-year Treasury note rose to 2.35 percent from 2.32 percent late Tuesday.