European stocks closed more than half a percent higher, with bank stocks outperforming.
Asian stocks closed lower, with the Shanghai composite more than 1 percent lower and the Nikkei 225 a touch lower.
In Japan, real gross domestic product (GDP) for the January-March period expanded an annualized 1.7 percent. On a quarterly basis, GDP grew 0.4 percent, topping a poll forecast for a 0.1 percent rise.
The major U.S. stock indexes sold off in afternoon trade Tuesday while the rate-sensitive 2-year yield rose as the latest Fed commentary increased market expectations for the Federal Reserve raising rates as soon as its June meeting.
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As of Wednesday's close, the S&P 500 and Nasdaq composite were tracking for weekly gains, while the Dow was on pace for a mild decline.
The Dow Jones industrial average closed down 3.36 points, or 0.02 percent, at 17,526.62, with Wal-Mart and Nike leading decliners and JPMorgan Chase the top gainer.
Transports closed 0.3 percent higher with Alaska Air leading advancers.
The S&P 500 closed up 0.42 points, or 0.02 percent, at 2,047.63, with financials, tech and health care leading and utilities the greatest laggard.
The Nasdaq composite closed up 23.39 points, or 0.50 percent, at 4,739.12.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, rose to near 15.9.
Gold futures for June delivery settled down $2.50 at $1,274.40 an ounce.
—CNBC's Patti Domm and Peter Schacknow contributed to this report.