The Hong Kong Hang Seng index closed up by 1.03% and the Nikkei in Japan settled up by 0.77%.

August crude oil futures settled up 85 cents at $80.21 a barrel. August gold futures shed $3.50 to settle at $1,578.40 an ounce.

The benchmark 10-year Treasury was up 2/32, diluting the yield to 1.626%, while the greenback rose 0.24%, according to the dollar index.

In corporate news, Facebook ( FB) was down slightly in afternoon action as a slew of analysts initiated coverage of the social networking giant, giving the stock mixed reviews. The share closed off 2.8%.

Shares of Arena Pharmaceuticals ( ARNA) soared more than 28% after the company's weight loss pill Belviq secured marketing approval from the Food and Drug Administration.

Bristol-Myers Squibb ( BMY) announced an additional $3 billion buyback authorization after Tuesday's closing bell. Shares added 1.7%.

Seed giant Monsanto ( MON) reported third-quarter profit of $1.63 a share, beating the profit estimate of $1.60 a share of analysts surveyed by Thomson Reuters. Shares gained nearly 4%.

Home builder Lennar ( LEN) reported second-quarter earnings of 21 cents a share, beating the average analyst expectation for earnings of 17 cents a share. Shares rose 4.7%.

Food company General Mills ( GIS) is projecting full-year profit of $2.65 a share, falling short of the consensus estimate of $2.75 a share, according to Thomson Reuters. Shares fell 1.6%.

-- Written by Andrea Tse and Joe Deaux in New York.

>To contact the writer of this article, click here: Andrea Tse.

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