NEW YORK, New York - U.S. stocks shot higher on Tuesday on the back of strong earnings reports, particularly from Johnson & Johnson and Travelers Cos Inc.,
Murmurs about inflation from Fed officials failed to move markets.
"Every inflation warning from corporate America was somewhat expected, so markets won't get unnerved unless they start to see the Federal Reserve panic," Edward Moya, senior market analyst at OANDA told Reuters on Tuesday.
The Nasdaq Composite led the charge, rising 107.28 points or 0.71 percent to 15,129.09.
The Dow Jones rose 198.70 points or 0.56 percent to 35,457.31.
The Standard and Poor's 500 added 33.17 or 0.74 percent to 4,519.63.
The U.S. dollar was mixed. The euro steadied around 1.1686 Tuesday. The British pound was firmer at 1.3794. The Japanese yen inched down to 114.31. The Swiss franc was a tad softer at 0.9228.
The Canadian dollar was little changed at 1.2365. The Australian and New Zealand dollars rose solidly to 0.7474 and 0.7157 respectively
On overseas equity markets, the FTSE 100 in London climbed 0.19 percent. The German Dax added 0.27 percent. In Patris, the CAC 40 declined 0.05 percent.
On Asian markets, The Nikkei 225 in Japan jumped 190.06 points or 0.65 percent to 29,215.52.
The Hang Seng in Hong Kong gained 377.46 points or 1.49 percent, to close Tuesday at 25,787.21.
China's Shanghai Composite advanced 25.02 points or 0.70 percent to 3,593.15.
The only party pooper was the Australian Securities Exchange. The All Ordinaries inched up a half-point or 0.01 percent to 7,690.20.