Good corporate earnings, falling Spanish interest rates and an upward revision in the International Monetary Fund's outlook for the U.S. economy on Tuesday offset a weak housing report to lift equities and industrial commodities.
Meanwhile, India's central bank cut a key interest rate and Japan offered as much as $60 billion to help the IMF support the euro zone, despite its 200 percent debt-to-GDP ratio. ZEW said German economic sentiment was up this month.
Apple Inc. shares were up more than 5 percent to $609.70 as technology shares led all 10 groups in the S&P 500. All 30 of the Dow's components posted gains.
Stocks. Major Asian stock indexes fell modestly. European shares soared: Britain's FTSE 100 jumped 1.78 percent, Germany's DAX soared 2.65 percent and France's CAC 40 shot up 2.72 percent. The Stoxx Europe 600 soared 2.4 percent in its largest one-session jump since November. The three main U.S. indexes rose 1.5 percent to 1.8 percent.
Bonds. Treasurys fell with the yield on the 10-year note at 2.01 percent. Spain's debt sale was oversubscribed, which may have been thanks to the European Central Bank.
Currencies. The euro gained at the expense of the dollar as investors opted for risk-on opportunities. The Japanese yen and Brazilian real fell. Mexico's peso and Canada's loonie rose.
Commodities. Crude oil climbed 1.3 percent in New York trading to $104.28 per barrel. Gold and copper were up fractionally. Agricultural commodities were mixed: Coffee, corn, wheat and lumber were down; lean hogs, live cattle, sugar and edible oils like soybeans were up.