Netflix rallied to lead the S&P 500 gainers after the movie-streaming website unveiled a new feature that allows users to connect their accounts to Facebook.
Meanwhile, Facebook declined amid new Federal Trade Commission's guidelines for social media advertisements.
Silver Springs Networks spiked more than 20 percent in its market debut on the NYSE after the smart grid products maker priced its IPO at $17 a share.
Among earnings, Express dropped after the apparel retailer provided a full-year outlook that widely missed forecasts.
Boeing edged higher after the Federal Aviation Administration approved the aircraft manufacturer's plan for the redesigned Dreamliner 787 battery system.
Apple closed flat following a report that showed shipments of tablets running Google's Android will top the iPad this year for the first time, according to research house International Data. Apple has plunged nearly 40 percent from its all time high of $705 a share back in September.
BlackBerry soared after the smartphone maker said one of its partners has placed an order for 1 million BlackBerry 10 smartphones, with shipments starting immediately.
Walgreen jumped after UBS raised its rating on the drugstore chain to "buy" from "neutral" and lifted its price target to $48 from $41.
Democrats are expected to unveil a U.S. budget blueprint that attempts to slice federal deficits by $1.85 trillion over 10 years through an equal mix of spending cuts and tax increases on the rich, according to Reuters.
European shares declined after a weak Italian debt auction. Worries over the euro zone have resurfaced over the last few weeks amid jitters over Italy's credit rating downgrade in the wake of the nation's inconclusive election results.
(Read More: Italy Three-Year Debt Cost at 2013 High After Downgrade)
On the economic front, retail sales jumped in February, according to the Commerce Department, expanded at their fastest pace since last September.
(Read More: Retail Stocks Propel Market Higher)
Meanwhile, import prices gained 1.1 percent in February, according to the Labor Department, due to the increase in fuel prices. And export prices climbed,fueled by higher corn and soybean prices, in addition to higher costs for industrial goods and materials, capital goods and autos.
And business inventories climbed 1 percent in January, the biggest gain in more than 18 months, suggesting restocking of warehouses will boost economic growth this quarter, according to the Commerce Department.
Weekly mortgage applications declined last week as interest rates spiked, according to the Mortgage Bankers Association.
The Treasury auctioned $21 billion in 10-year notes at a high yield of 2.029 percent. The bid-to-cover ratio, an indicator of demand, was 3.19.