By Yasin Ebrahim

Investing.com — The Dow closed higher Wednesday, after the Federal Reserve’s May meeting minutes showed the central bank was keen to move quickly on rate hikes to allow breathing room to reassess the pace of  tightening later this year.

It gained 0.6% or 191 points. The was also up 1.5% and the increased 0.95%.

“[P]The minutes revealed that articipants felt it important to quickly move to a neutral monetary policy position.” 

Johan Grahn from Allianz, who is head of ETF Strategy told Investing.com that a need to raise rates rapidly is a red flag.

The central bank would have the option to raise front loading rates, which could give it time and space to reconsider a later in the year. 

“I think they’ll follow through with the 50 basis points rate increases in June and July, because it will allow them to adjust later,” Grahn said.

Tech cut losses after the release of the minutes, buoyed by big tech, with Apple (NASDAQ:), and Alphabet (NASDAQ:) cutting losses to end the day well above session lows. 

After Nordstrom’s quarter-end results, which helped to improve consumer sentiment about retailers, the bulk of the work was done by discretionary stock consumers.

Nordstrom (NYSE) posted a greater than expected loss for the but its revenues exceeded Wall Street expectations. The shares were more than 13 percent higher.

“JWN has demographics and product category skew advantages at this point in the re-open,” said Credit Suisse, but also flagged concerns about the uncertain economic backdrop of retailers in the second of half of the year.

Dick’s Sporting Goods (NYSE:) reported a softer outlook for the full year, but first-quarter beat on both the top and bottom lines. Nearly 10% of its shares were up.

Urban Outfitters (NASDAQ) reported records sales, which outsold weaker-than expected and rising costs. Wall Street also pointed to strength in the retailer’s Anthropologie and Free People Movement brands.

“Despite the miss…sales at Anthro and FP Movement continue to perform well due to demand for apparel, dresses, and fashion,” B. Riley said in a note. “We continue to believe that URBN has upside as Anthro is seeing a recovery as consumers look for fashion and occassionwear.”

Bath & Body Works (NYSE:), Unter Armour Ralph Lauren Corp (NYSE) and (NYSE) were the largest gainers. A rise in Tesla (NASDAQ) was also a support to the sector.

Led by Toll Brothers (NYSE:) were also ascendant, ignoring recent data that pointed to a slowdown of the housing market.

Toll Brothers reports better than expected, buoyed in part by high demand for housing. However, the home builder stressed the effects of rising mortgage rates as well as soft macroeconomic conditions.

Lennar Higher were (NYSE :), PulteGroup Inc (NYSE :), and TRI Pointe Homes (NYSE :).

Beyond Meat (NASDAQ) rose more than 13% following the announcement by the meatless firm that it had signed an endorsement agreement with Kim Kardashian.