US STOCKS-Dow, S&P 500 in record territory after release of Fed minutes
* Minutes in line with interest rate expectations
* S&P hits intra-day record high, Dow on track for record close
* Indexes: Dow up 0.13 pct, S&P up 0.24, Nasdaq up 0.45 pct (Updates to include stock gains following Fed minutes)
By Noel Randewich
May 20 (Reuters) - The Dow and S&P 500 pushed into record high territory on Wednesday after Wall Street saw little in the minutes from last month's Federal Reserve meeting to change expectations of when the central bank will raise interest rates.
Many officials at the Fed's April policy meeting believed it would be premature to raise interest rates in June and that a bump in inflation was being offset by a weaker labor market and softer data, according to minutes released on Wednesday.
"We have been in this sweet spot where the labor market has been strong, which implies the economy is doing well or at least people are optimistic about it," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.
"But at the same time we have very low inflation which is keeping the Fed at bay on rates, so this maybe just affirms that a little bit."
At 2:47 p.m. the Dow Jones industrial average rose 24.29 points, or 0.13 percent, to 18,336.68, the S&P 500 gained 5.05 points, or 0.24 percent, to 2,132.88 and the Nasdaq Composite added 22.95 points, or 0.45 percent, to 5,092.98. Continuación...