The major averages pulled back off their highs going into the close but remained in positive territory.
Canadian National Railway was among the biggest drags on the index, losing 1.6 per cent to C$95.28.
Comcast fell 3 cents to $38.54 while Disney added 30 cents to $103.39.
The energy group, which accounts for about a third of the index, retreated 0.8 per cent as US crude oil prices settled down 10 cents at $59.19 a barrel on concerns of oversupply. Heating oil fell 2 cents to $1.84 a gallon. MSCI's broadest index of Asia-Pacific shares except Japan climbed 1.3 percent.
Investors were anxiously awaiting the data on consumer prices.
The Standard & Poor's 500 index rose 35.69 points, or 1.3 percent, to 2,698.63.
U.S. stocks managed to shake off inflation data as consumer prices increased more than expected.
But it has happened six times in the last seven trading days, and eight times since the market's peak on January 26.
Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.
Cleveland Fed President Loretta Mester, a voting member in the central bank's rate-setting committee this year, said the recent stock market sell-off and jump in volatility will not damage the economy's overall strong prospects. It remains down 7.3 percent from a record high on January 26 and is now priced at levels from early December.
Many analysts blamed the stock market sell-off in recent weeks on rising bond yields with 10-year Treasury yields US10YT=RR at a four-year high, and soured bets that market volatility.VIX would stay low. The contract rose $1.41, or 2.4 percent, to settle at $60.60 a barrel on Wednesday.
Stock prices in NY rose for a 4th straight trading day on Wednesday after a rise in U.S. long-term interest rates initially dragged down prices.
Investors in those and other healthcare distributors are weighing the possible ramifications of the AmerisourceBergen deal and a report of Amazon's push into the sector.
Market expectations for a rate-hike move in December are now at almost 62 per cent, up from 50 per cent the day before, according to the CME's FedWatch tracker. 2018 trends are looking really good, with all four quarters ahead expected to deliver better results, which is quite unusual.
Advancing issues outnumbered declining ones on the NYSE by a 2.28-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favoured advancers.
Trading activity remained somewhat subdued, however, with a lack of major USA economic data keeping some traders on the sidelines.