U.S. stocks closed higher Tuesday, with Microsoft, Alcoa and Bank of America among the gainers, although continued concerns about global growth sapped some of the market's earlier gains.

The Dow Jones Industrial Average rose 57.14 points, or 0.59%, to 9743.62, snapping a seven session losing streak. However, the measure lost much of its morning gains; it had been up more than 170 points earlier in the session.

Microsoft (Nasdaq) was the Dow's top performer Tuesday with a jump of 55 cents, or 2.4%, to 23.82. Alcoa was also strong, up 21 cents, or 2.1%, to 10.21, and Bank of America climbed 22 cents, or 1.6%, to 14.06. Limiting the gains, Home Depot dropped 42 cents, or 1.5%, to 27.34. Boeing was also weak, down 58 cents, or 0.9%, to 61.36, and American Express lost 21 cents, or 0.5%, to 39.21.

The Nasdaq Composite edged up 2.09, or 0.10%, to 2093.88, snapping a five day losing streak. The Standard & Poor's 500 index climbed 5.48, or 0.54%, to 1028.06, ending a five session losing run.

Traders characterized Tuesday's climb in stocks as a natural bounce off of last week's slump, although the gains were pared in the afternoon as investors continued to fret over the same concerns about the global economy that have weighed in recent weeks.

European stocks rallied Tuesday, with the commodity sector leading the gains, as investors picked up shares in companies recently battered by worries about economic growth.

The Stoxx Europe 600 index jumped 2.6% to 242.76. Investors bought shares in companies leveraged to economic growth Tuesday, such as miners.

Xstrata shares rallied 6.4% and Vedanta Resources moved up 5.8% after the Australian central bank decided to keep rates on hold.

The French CAC-40 index rallied 2.7% to 3,423.36, the U.K.'s FTSE 100 index climbed 2.9% to 4,965 and the German DAX index gained 2.2% to 5,940.98.

Asian markets ended higher Tuesday as a strong rebound in Chinese shares from one year lows helped push several markets higher. Japan's Nikkei Stock Average added 0.8%, while South Korea's Kospi climbed 0.6%.

Hong Kong's Hang Seng Index advanced 1.2%, Taiwan's Taiex rose 1.5% and India's Sensex climbed 1.0%.

Trading volumes were modest in some markets after U.S. markets were closed Monday. China's Shanghai Composite fell as low as 2,356.55, a level it hasn't seen since April 2009, before reversing direction to end 1.9% higher at 2,409.42.

Pharmaceutical, consumer and banking shares paced the advance, with Beijing Double Crane Pharmaceutical rising 3.9% and Tsingtao Brewery jumping 4.6%. Banking shares also advanced, with China Citic Bank gaining 3.9% and China Construction Bank rising 2.9%.

In Tokyo, exporters had declined in early trade as the yen rose against the euro and the U.S. dollar, but recovered as the Chinese market staged a rebound. The Nikkei earlier touched 9,091.70, its lowest level since November 27, 2009.

Base metals on the London Metal Exchange Tuesday rallied on a stronger euro and rising stock markets. The EUR/USD rose to its highest since mid May. European and U.S. equity markets were all in the black, with the Dow up by triple digits.

Crude oil futures fell Tuesday for the sixth straight session, as the market failed to sustain an early rally in light of worries about slowing economic growth. Light, sweet crude for August delivery settled down 16 cents, or 0.2%, at $71.98 a barrel on the New York Mercantile Exchange.

Brent crude on the ICE futures exchange settled down 2 cents at $71.45 a barrel. Gold futures fell to their lowest levels in six weeks as demand for the metal as an alternative investment waned amid stabilizing equities and currency markets.

The most actively traded contract, for August delivery, settled $12.60, or 1% lower, at $1,195.10 an ounce on the Comex division of the New York Mercantile Exchange. It was the first time the most active contract settled below $1,200 an ounce since May 24.

Provided by Morrison Securities