Those gains faded, however, and major indexes finished well off session highs as investors exercised caution in what is likely to be a rising interest rate environment.
"The Fed meeting minutes indicated Fed members weren't too anxious about inflation, so that was music to the market's ears", said Michael Arone, Chief Investment Strategist at State Street Global Advisors in Boston.
USA stock futures hinted at a weaker start for Wall Street on Thursday, as the market continued to digest the minutes of the January Federal Reserve meeting.
Despite the recent climb in rates, many analysts expect the stock market to be able to absorb the rise as long as economic data remain supportive and the pace of the increase is modest. The S&P 500 fell 0.6% and the Nasdaq Composite dropped 0.2%. The yield was hovering at 2.94% on Thursday. It measures the daily stock price movements of 30 large, publicly-owned USA companies.
In corporate news, Chesapeake Energy shares jumped more than 13 percent after the company reported better-than-expected quarterly earnings.
Declining issues outnumbered advancing ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored advancers. The S&P 500 briefly dipped lower in the final hour of trading, before holding 0.1 percent higher.
Volume on USA exchanges was 6.96 billion shares, compared to the 8.49 billion average over the last 20 trading days.