Global equity markets remained slightly lower and the dollar a bit higher on Wednesday after minutes from a meeting of Federal Reserve policymakers last month indicated raising U.S. interest rates was warranted if the economy continued to strengthen.
Market reaction was muted as there was little revelatory in the minutes from the Sept. 20-21 meeting, with policymakers divided on how much longer they should allow the labour market and inflation to improve before lifting rates.
Oil prices fell more than 1 percent after the Organization of the Petroleum Exporting Countries reported its output hit an eight-year high in September, offsetting optimism over the group's pledge to bring a global crude glut under control.
Sterling rebounded from a brutal selloff since last week as British Prime Minister Theresa May's offer to give UK lawmakers a say in plans to leave the European Union calmed fears of a "hard Brexit" marking a clear break from the single market.
U.S. equity markets rose before the release of the Federal Open Market Committee's minutes, while European markets and an index of global equity performance traded lower.
"We remain where we were: a market still betting Chair Yellen wants a hike in December," said Quincy Krosby, market strategist at Prudential Financial.
The Dow Jones industrial average rose 39.86 points, or 0.22 percent, to 18,168.52. The S&P 500 gained 5.41 points, or 0.25 percent, to 2,142.14 and the Nasdaq Composite added 0.78 points, or 0.01 percent, to 5,247.57.
In Europe, the FTSEurofirst 300 index of leading regional companies closed down 0.45 percent to 1,336.17. MSCI's all-country world equity index fell 0.21 percent.
The dollar index, which measures the greenback against a basket of six major trading currencies, hit a seven-month high at 98.043 ahead of the FOMC minutes.
"A December increase is still likely, perhaps for no better reason than to save face for the FOMC members," said Chris Gaffney, president of world markets at EverBank.
However, Gaffney said that recent economic data does not indicate the case for raising rates has strengthened.
U.S. Treasury yields rose to their highest levels in four months, with prices pressured by two auctions and growing expectations of a Fed rate hike this year.
Yields on shorter-dated maturities, such as 2-year
Benchmark 10-year Treasury notes