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.

If you liked this article you might like

Forecast for S&P 500, Dow Industrials Remains Bullish, These Charts Show

Dow 20,000! It Should Mean Nothing to Investors, but Then Again...

Tradebird Investors Are Bullish on U.S. Stocks but Bearish on the Euro

Why Home Depot and Boeing Stock Fell Tuesday