US. stocks rose for the first time in four days, rising 0.3%, as earnings season picked up pace with energy and financial stocks leading gains.
The energy sector gained 3.2% after industry data showed U.S. crude stockpiles plunged, easing a glut and sparking the highest close for oil in 7 weeks with a gain of 3.3%.
Financial companies advanced 1.3%, bolstered by higher Treasury yields.
Markets took a risk-on tone following generally positive earnings and economic data bolstered confidence in the strength of the global economy. The data come as the Fed will weigh robust global growth against feeble inflation and mixed U.S. economic data today. Expectations are for policy makers to keep rates on hold; clues to the fate of its balance sheet will be key.
Gains in lenders boosted European stocks for the first time in four days, with earnings reports also moving some shares. The Stoxx Europe 600 Index gained 0.6% yesterday.
Banking names advanced 1.8% yesterday, the biggest contributor to the positive index gains.
In economic news, a substantial degree of accommodative monetary policy is still needed to help ease inflation pressures, European Central Bank Executive Board member Yves Mersch said yesterday.
Markets were mixed in Asia overnight, Japanese stocks were up 0.5% with Chinese equities down 0.1%. A broad-based rally in commodities from oil to copper underpinned gains in producers of raw materials in Asia.