Global equities mostly advanced on Tuesday as buoyant corporate earnings results offset lingering worries about inflation.

Bitcoin, meanwhile, stood at $64.313, less than $600 short of its April record, as a financial instrument dedicated to the cryptocurrency made its debut on the New York Stock Exchange.

Oil extended its rally, with US benchmark West Texas Intermediate hitting a fresh seven-year high, as spiking natural gas prices persuade many consumers to switch to crude.

US stocks advanced "with the markets digesting a heating up third quarter earnings season," analysts at Charles Schwab brokerage said.

Wall Street's three main indices rose, as consumer giant Proctor & Gamble beating profit expectations and increasing sales, although it too noted supply chain worries and hinted more price hikes are on the way.

In Europe, London and Frankfurt finished the day higher, while Paris nudged lower.

Asian stocks ended mostly higher.

A string of forecast-beating profit reports from businesses over the past week has provided a much-needed boost to investors.

The positive readings have partly eased concerns about the impact on companies' bottom lines from surging inflation, a brewing energy crisis and expectations that the era of cheap money will soon come to an end as central banks begin to raise interest rates.

"Thus far we've seen companies post some fairly decent beats on the earnings front, and while it's been notable that most have cited concerns about rising costs, as well as supply chain disruptions, we haven't seen many significant profit downgrades yet," said CMC Markets analyst Michael Hewson.

That does not mean investors are not concerned about inflation risks and the prospect of higher interest rates.

"Risk remains for a range of factors, including earnings, inflation and expectations central banks will tighten the screw," said analyst Neil Wilson.

The price of bitcoin advanced Tuesday as the Bitcoin Strategy ETF, a new exchange-traded fund which is linked to bitcoin futures rather than directly to the digital currency, rose nearly five percent as it began trading on the New York Stock Exchange.

The fund should be a more accessible vehicle for mainstream investors, and could therefore boost trading in the cryptocurrency.

"The question now is whether the event will be the catalyst for the next surge in prices or a profit-taking opportunity; a classic buy the rumor, sell the fact situation," said analyst Craig Erlam at currency trading platform Oanda.

Asian traders are in an upbeat mood after a string of strong earnings results Asian traders are in an upbeat mood after a string of strong earnings results Photo: AFP / Daniel ROLAND

New York - Dow: UP 0.6 percent at 35,457.31 (close)

New York - S&P 500: UP 0.7 percent at 4,519.63 (close)

New York - Nasdaq: UP 0.7 percent at 15,129.09 (close)

London - FTSE 100: UP 0.2 percent at 7,217.53 (close)

Frankfurt - DAX: UP 0.3 percent at 15,515.83 (close)

Paris - CAC 40: DOWN less than 0.1 percent at 6,669.85 (close)

EURO STOXX 50: UP 0.4 percent at 4,166.83 (close)

Tokyo - Nikkei 225: UP 0.7 percent at 29,215.52 (close)

Hong Kong - Hang Seng Index: UP 1.5 percent at 25,787.21 (close)

Shanghai - Composite: UP 0.7 percent at 3,593.15 (close)

Euro/dollar: UP at $1.1636 from $1.1610 at 2100 GMT

Pound/dollar: UP at $1.3793 from $1.3726

Euro/pound: DOWN at 84.35 from 84.59 pence

Dollar/yen: UP at 114.39 from 114.32 yen

Brent North Sea crude: UP 0.9 percent at $85.08 per barrel

West Texas Intermediate: UP 0.6 percent at $82.96 per barrel