Analysts said that while the trade numbers were strong, they were probably inflated by seasonal factors, and businesses using trade declarations to bring capital into China. Still, the numbers suggested strength in both exports and domestic consumption.
(Read More: China's Trade Data: One for Global Economy Bulls?)
The Dow Jones Industrial Average closed above 15,000 for the first-time ever on Tuesday and the S&P 500 finished at 1,625, an all-time-high. So far in 2013, both indexes have surged more than 14 percent.
"With the central banks playing a big part in restoring investor's confidence in world markets although the underlying issues have not been resolved, it remains to be seen whether investors continue to pile into stocks or whether they look to lock in profits," wrote Andy McLevey, head of dealing at stockbroker Interactive Investor.
(Read More: Market Gains Could Keep on Coming After Dow 15,000)
Among earnings, AOL declined after the Internet company posted earnings that missed expectations, though revenue was above consensus. And Wendy's fell after the fast-food chain posted sales that missed expectations as same-store sales growth came in below estimates.
On Tuesday, Walt Disney edged past profit and sales expectations, thanks to stronger performances by the parks and resorts unit, and the movie studio division.
And JCPenney said it expects to see a 16.6 percent drop in same-store sales in the first-quarter compared to a year ago and revenues below expectations. However, the retailer did report cash levels that were higher than analysts had thought, and the Street expects sales to improve later this year as Penney tries to turn its fortunes around after bringing back ex-CEO Myron Ullman, sending shares higher.
Weekly mortgage applications gained last week, thanks to better refinancing demand and as interest rates declined to the lowest level of the year, according to the Mortgage Bankers Association.
In the bond markets, the Treasury will auction $34 billion in 10-year Treasurys. Meanwhile, stock pickers will eye the 18th annual Ira Sohn conference, which is traditionally a forum for industry big hitters to present their top alpha ideas. The conference starts at 12 p.m. in New York on Wednesday.