At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.50%, the S&P 500 index ended up 0.72%, while the Nasdaq Composite index rose 0.56%.
After the closing bell on Monday, U.S. metals giant Alcoa kicked off earnings season by reporting April-June earnings of USD0.07 per share and USD5.85 billion in revenue, beating expectations of USD0.06 and revenue of USD5.83 billion.
Alcoa's earnings came one business day in wake of data that revealed the U.S. labor market is showing signs of a more sustained recovery.
Official U.S. data released Friday showed the economy added 195,000 nonfarm payrolls in June, well above analysts' calls for a 165,000 increase.
May's figure was revised upwards to 195,000 jobs from 175,000, while April's figure was revised upwards to 199,000 from 149,000.
Investors in the stock market largely shrugged off an International Monetary Fund decision to cut its 2013 global growth forecast to 3.1% from a 3.3% prediction made in April and to revise its 2014 growth forecast to 3.8% from 4.0%.
Sentiments continued to build that in the U.S., a longer-term trend is underway that will see investors shift more money from bond funds into equity funds as the economy improves, which pushed Wall Street indices higher.
Leading Dow Jones Industrial Average performers included Caterpillar, up 2.60%, Cisco Systems, up 2.19%, and Bank of America, up 1.88%.
The Dow Jones Industrial Average's worst performers included IBM, down 1.91%, Verizon Communications, down 0.41%, and Intel, down 0.17%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.50%, France's CAC 40 rose 0.52%, while Germany's DAX 30 finished up 1.12%. Meanwhile, in the U.K. the FTSE 100 finished up 0.98%.
In the U.S. on Wednesday, the Federal Reserve is to publish the minutes of its latest policy setting meeting, while Fed Chairman Ben Bernanke is scheduled to appear in public as well.
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