Asian markets also shaved morning losses. The Shanghai Composite and Japan's Nikkei finished little changed, while the Hang Seng in Hong Kong rose 0.7%.

The dollar initially eased against the major world currencies but reversed course. The dollar rose 0.4% against the euro and 0.1% versus the British pound. The dollar declined against the Japanese yen.

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Investors also continued to eye corporate news. CNNMoney parent Time Warner shares rose 4% after the media company posted a higher-than-expected profit for the third quarter thanks to strength in its cable networks.

On Wednesday afternoon, the Federal Reserve data showed that consumer credit expanded to $11.4 billion in September.