Kevin Nicholson, chief investment officer at Riverfront Investment Group, said the minutes from the June meeting showed Fed officials determined to fight inflation.
"This serves as a reminder to investors that the Fed is going to be hawkish because we've been having a bit of a tug of war between recession and inflation fears over the last couple of weeks. And we've seen yields come down in the fixed income markets because of that. But I think that the Fed minutes reiterated that they're going to fight inflation at all costs. And that's why we're seeing yields move up a couple of basis points."
Most traders are predicting another 75-basis-point interest rate hike at the Fed's next meeting later in July.
Meanwhile, a report from the Labor Department on Wednesday showed U.S. job openings fell less than expected in May, pointing to a still-tight labor market that could keep the Fed on its aggressive path.
The Dow rose about a quarter of a percent, while the S&P 500 and Nasdaq each added about a third of a percent.
Shares of Uber Technologies and DoorDash fell, after Amazon.com agreed to take a 2% stake in food delivery business Grubhub.
Shares of Amazon rose about three quarters of a percent.
Shares of Rivian Automotive, which Amazon also has a stake in, gained more than 10% after the EV maker's deliveries nearly quadrupled as it ramped up production.
Shares of Tesla, the world's largest electric-car maker, fell half of a percent.
