At the close of U.S. trade, the Dow Jones Industrial Average slipped 0.10%, the S&P 500 climbed by 0.03% and the Nasdaq Composite added 0.31%.
The Federal Reserve's Beige Book report indicated that U.S. economic expansion accelerated in December despite limited hiring and a stagnant housing market.
Positive U.S. economic news was offset by word of Germany's contracting economy. The German Federal Statistics Office reported that the economy likely shrank in the fourth quarter from the third.
In addition, the European Union revised euro zone growth to 0.1% in the third quarter from 0.2% estimated earlier further adding to the recession worries.
Yesterday, word that China may act to spur its economy added to the U.S. stock bullishness.
Bank of America and Citigroup soared higher by 3.62% and 4.23% respectively.
Tech giant Intel added to the bullish sentiment by climbing 0.82%.
In bearish news, miner Hecla Mining was hit hard plunging 21.06% on the session.
After the close of European trade, the EURO STOXX 50 gave back 0.34%, France's CAC 40 dipped 0.19%, while Germany's DAX 30 fell 0.17%. Meanwhile, in the U.K. the FTSE 100 dropped 0.45%.
Investors are anxiously awaiting the European Central Bank's interest rate announcement and U.S. retail sales numbers, business inventories and the federal budget balance on Thursday.
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