ISTANBUL

US stocks ended with gains Wednesday, with the S&P 500 index hitting a record high at the close as the Federal Reserve’s latest minutes revealed no surprises.

The Fed’s minutes showed that the federal monetary authority needs more progress for continuing rate cuts.

"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run," it stated.

The US on Wednesday also revealed building permit figures. Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1.48 million, slightly more than expectations.

Meanwhile, housing starts in January were at 1.36 million, down from the previous month's figure of 1.51 million.

The Dow Jones Industrial Average increased 0.16% or 71.25 points to end the day at 44,627.59.

The S&P 500 rose by 0.24% or 14.57 points to 6,144.15, a historically high level.

The Nasdaq Composite rose 0.07% or 14.99 points to 20,056.25.

The VIX Index, also known as the “fear index," dropped by 0.52% to 15.27.