The S&P 500 rebounded on Wednesday after the U.S. Treasury announced a larger buyback program for longer-dated Treasuries, which pushed U.S. yields lower. According to Sina Finance, the market later turned choppy after the Federal Reserve's July meeting minutes showed several officials leaned toward raising rates last month.

The S&P 500 rose 0.2% in New York, ending three straight sessions of declines. The Nasdaq 100 fell 0.2% for a fourth consecutive loss. The Treasury said it would at least double liquidity-support buyback operations for 10-year to 30-year Treasuries, two weeks after announcing its quarterly buyback schedule.

Matt Maley, chief market strategist at Miller Tabak + Co, said the government was clearly worried about the bond market again and had given it another boost. Matt Stucky of Northwestern Mutual Wealth Management said higher rates at the long end of the yield curve would gradually pressure stock valuations, especially as yields approached 5%.

Earnings season also continued, with several consumer companies reporting results. Target raised its full-year guidance after better-than-expected earnings, and its shares rose. Moderna jumped 180% after saying a personalized vaccine it developed with Merck helped reduce melanoma recurrence risk. Merck rose 13%.

At the close, the S&P 500 rose 0.2% to 7,707.98; the Dow Jones Industrial Average rose 0.2% to 53,463.05; the Nasdaq Composite rose 0.2% to 26,331.09; the Nasdaq 100 fell 0.2% to 29,426.02; and the Russell 2000 rose 0.5% to 3,032.942.