Oil prices jumped nearly 5 percent on Tuesday on bets OPEC members will agree to cut output while stocks edged higher, led by technology shares that had fallen recently, Reuters reported.
The U.S. dollar index .DXY held above the 100 level and touched a fresh 11-month high, and Treasuries prices were little changed with yields near multi-month highs.
The S&P 500 traded higher, led by recent decliners including Apple (AAPL.O), Microsoft (MSFT.O) and Amazon (AMZN.O).
Bank stocks were the largest weight on Wall Street. They had been recent gainers on the expectation that the incoming Donald Trump administration would bring in less regulation and spark inflation through higher spending.
Tech stocks had been sold off in favor of sectors with lower valuations on the expectation of a spike in economic growth.
"We're sort of poised for a little bit of a pullback here as people reassess what the new administration is likely to accomplish," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
"The uncertainty is going to hang over the markets for a while. So we may see a lot of this back and forth."
The Dow Jones industrial average .DJI fell 9.45 points, or 0.05 percent, to 18,859.24, the S&P 500 .SPX gained 9.58 points, or 0.44 percent, to 2,173.78 and the Nasdaq Composite .IXIC added 52.33 points, or 1 percent, to 5,270.72.
Emerging market stocks .MSCIEF rose 0.4 percent after falling 7 percent over the previous four sessions.
The pan-European FTSEurofirst 300 index .FTEU3 ended up 0.31 percent, while MSCI's gauge of stocks across the globe .MIWD00000PUS ticked up 0.4 percent.