Stimulus programs such as low interest rates and the Fed's monthly purchases of USD85 billion in assets suppress borrowing costs across the economy and make stocks an attractive buy, though positive data can send stocks falling briefly by stoking expectations of an end to monetary support of the market.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.26%, the S&P 500 index fell 0.38%, while the Nasdaq Composite index rose 0.01%.
The Commerce Department reported earlier that U.S. new home sales jumped 8.3% to 497,000 units, their highest level since May 2008.
Analysts were expecting new home sales to rise 1.8% to 482,000, which bolstered the dollar and sent stocks falling, partly on trading strategies predicting an end to stimulus measures.
Elsewhere, heavy equipment maker Caterpillar reported that second-quarter earnings fell 43% due to slumping mining activity, which prompted the company to lower its profit and revenue outlooks for this year, which also dampened broader share prices.
Supporting stocks was tech bellwether Apple, whose earnings beat expectations.
Leading Dow Jones Industrial Average performers included Hewlett-Packard, up 1.48%, American Express, up 1.28%, and Intel, up 0.84%.
The Dow Jones Industrial Average's worst performers included Caterpillar, down 2.42%, Bank of America, down 1.47%, and AT&T, down 1.20%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 1.08%, France's CAC 40 rose 1.01%, while Germany's DAX 30 finished up 0.78%. Meanwhile, in the U.K. the FTSE 100 finished up 0.35%.
On Thursday, the U.S. is to publish government data on durable goods orders as well as its weekly government report on initial jobless claims.
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