The U.S. dollar slid against major currencies, bond yields slipped, and stocks were mostly steady on Wednesday after the Federal Reserve raised its policy interest rate, and noted economic growth was strengthening, but left markets expecting only three rate rises this year.
Market participants are also watching for signs from the United States central bank, which is expected to take a more aggressive path toward normalising monetary policy, as the Federal Reserve's two-day monetary policy meet concludes today.
World shares fell on Wednesday and the United States dollar eased off three-week highs as markets awaited a likely increase in USA interest rates and guidance on how many more to expect for this year.
World markets had traded lower earlier after the Wall Street Journal reported that China was planning counter-measures against USA trade tariffs.
The Facebook losses, caused by uproar over the alleged misuse of user data, filtered through the tech sector, with technology companies in the benchmark S&P 500 down 2 percent for the week to date.
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"It's a general pullback in risk and technology tends to have a higher impact on the market". The Dow Jones Industrial Average gained 100 points, or 0.4%, to 24,717.
The yield on 10-year U.S. government bonds reached 2.885% and short-term 2-year yield rose to 2.341%.
"The economic situation post-tax cuts also justifies a significant shift upwards in the dot plot", he added, referring to fears the Fed's de facto policy forecast chart will signal four rate rises rather than three because of the effects of United States tax reforms.
A pan-European equity index fell nearly 0.3 percent, its early weakness accelerating after the WSJ report on China and a tech shares index reversing an early bounce.
Stocks have struggled this year while bond yield have moved higher.
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China, according to the Wall Street Journal, was planning counter-measures with tariffs aimed at USA agricultural exports from Farm Belt states.
"So far, we have seen low-level (trade) skirmishes, which are not material enough to affect the world economy", said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.
Crude oil prices jumped more than 2 percent to $63 per barrel.
An increase would mark its sixth hike since late 2015 when the USA central bank started gradually tightening monetary policy following a period of near-zero interest rates in the aftermath of financial crisis in 2008.
At 12:29 p.m. ET, the S&P 500 was down 1.44 percent to 2,712.36, having spent the session below its 50-day moving average.
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Amazon, Apple, Netflix and Alphabet - members of the so-called FAANG group of stocks, along with Facebook - were down between 1.7 percent and 7.2 percent.