Stock markets rose during a choppy session Tuesday, with the benchmark Dow Jones Industrial Average closing above 13,000 for the first time since May 2008.

An unexpected 4 percent drop in the January U.S. durable goods orders, the largest monthly decline in three years, capped gains in early trading. But the bulls drove out the bears after a Conference Board Consumer Index report showed a big jump in February, climbing to 70.8 from an upwardly revised 61.5 in January, as consumers shrugged off higher prices at the pump to focus on the improved jobs picture.

All eyes are now turned to the European Central Bank's second liquidity injection, set for Wednesday. If there's a big uptake for the ECB's latest round of long-term refinancing, the spillover of liquidity from European banks is likely to put downward pressure on rates at the short end of the yield curve.

Here's a look at how the markets reacted:

Stocks. Global equities gained across the board. The Dow Jones Industrial Average pierced through a key level and held at 13,005.12. The wider S&P 500 was up 4.59 points at 1,372.18, and the Nasdaq composite closed higher at 2,986.76. European and Asian markets posted solid gains.

Bonds. Treasuries ended the day nearly flat. The yield on the benchmark 10-year note edged up by less than a basis point to 1.929 percent.

Commodities. Gold and silver rallied to multi-month highs. Gold for April delivery settled at $1,788.40 an ounce, while the March silver ended up 4.6 percent at $37.14 an ounce. Oil and gas slipped.

Currencies. The euro retouched a three-month high against the U.S. dollar ahead of the ECB's move. The ICE dollar index, which fell against a basket of major rivals, traded at 78.22. Brazil's real closed at four-month high.