OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude. OPEC ministers confirmed Wednesday the cartel had secured a cut in its oil production from 33.8 million barrels a day to 32.5 million in an effort to prop up prices.
In oil markets, U.S. crude settled up 9.31 percent at $49.44 a barrel.
Earlier, Cleveland Fed President Loretta Mester said the central bank will closely scrutinize expected changes in America's fiscal, trade and immigration policies.
"The devil will be in the details," Mester said in prepared remarks before a luncheon of the African American Chamber of Commerce of Western Pennsylvania.
On the data front, private companies added 216,000 jobs in November, well above the expected 165,000, according to ADP and Moody's Analytics. ADP and Moody's report is often seen as a prelude to the U.S. government's monthly jobs report, due Friday. Meanwhile, consumer spending rose 0.3 percent in October, while personal income gained 0.6 percent, the best showing since April.
The Chicago PMI index reading for November came in at 57.6, well above an October reading of 50.6.
Pending home sales edged up 0.1 percent to 110 in October.
Other data due Wednesday include the latest Federal Reserve Beige Book.
—CNBC's Fred Imbert and Reuters contributed to this report.