Banking giant, Citigroup, buoyed the stocks on both sides of the Atlantic after reporting core third quarter profit that topped analyst estimates. Financials led the way among the broader market, with investors in risk on mode after data revealed a bigger-than-expected rise in September retail sales.
The Dow added 95 points (+0.7%), settling at 13424. The S&P500 (+0.7%) and Nasdaq (+0.8%) enjoyed similar gains. In Europe, the FTSE put on 0.2%, the German DAX closed up 0.4% and the French CAC advanced 0.9%.s
The wild swings in oil continued, with crude overcoming a more than two percent fall to settle unchanged at US$91.85 amid growing tensions between Syria and Turkey.
Rising equity markets diminished demand for safe-havens, and this weighed heavily on gold, which slumped 1.3% to $1740 an ounce.
The major currency pairs were little changed, with the euro in a holding pattern ahead of a key meeting between EU leaders later this week that may determine whether Spain formally requests financial aid. In local economic news, the RBA meeting minutes for October are due for release at 11:30am, AEDT.