Google Inc. (Nasdaq: GOOG) declared that it will allow users to opt out of its location-based services following requests by European authorities seeking to protect people's privacy. Shares of Google gained 0.47 percent or $2.50 to trade at $532.62.

Research In Motion Ltd. (Nasdaq: RIMM) agreed to pay patent royalties to Dolby Laboratories Inc. (NYSE: DLB) to end a legal battle over technology to improve audio quality. Shares of RIMM added 0.93 percent or 28 cents to trade at $30.45. Shares of Dolby were up 1.34 percent or 42 cents to trade at $31.68.

Currencies and Commodities:

In the world of currency, the US dollar lost 0.244 percent against the percent against the British pound, and 0.35 percent against the Japanese yen. However, the dollar added 0.05 percent against the euro.

Commodities were trading in a positive zone during the mid-day session with oil adding 0.86 percent to trade at $88.95 per barrel. Gold prices were up 0.37 percent to trade at $1,816.60 per ounce. Among major indices, the DJ-UBS Commodity gained 0.38 percent and the Reuters-Jeffries CRB added 0.44 percent.

Global Market:

The European markets traded in green after Italy's finance minister confirmed that officials had met with China's sovereign wealth fund about buying Italian bonds. Great Britain's FTSE 100 was up 0.56 percent or 28.91 points to 5,158.53. Germany's DAX gained 1.52 percent or 77.07 points to 5,149.40. France's CAC 40 added 0.69 percent or 19.76 points to 2,874.57.

The Asian market ended the day's trading on a losing note with China's Shanghai Composite losing 1.06 percent or 26.45 points to close at 2,471.30. India's BSE 30 Sensex lost 0.21 percent or 34.30 points to finish the day at 16,467.44. However, Japan's Nikkei 225 was up 0.95 percent or 80.88 points to end the day at 8,616.55.

Sector Scan:

The financial sector added 0.66 percent to emerge as the market's best performing sector by the afternoon session. Among major movers in the sector, iShares Dow Jones US Financial Services (NYSEArca: IYG) gained 1.11 percent or 48 cents to trade at $43.71. PowerShares S&P SmallCap Financials (NasdaqGM: PSCF) was up 0.75 percent or 18 cents to trade at $24.28. Among major stocks, shares of Citigroup, Inc. (NYSE: C) gained 2.11 percent or 57 cents to trade at $27.53. Shares of Bank of America Corp. (NYSE: BAC) were up 1.21 percent or 9 cents to trade at $7.14. Shares of Morgan Stanley (NYSE: MS) added 2.33 percent or 35 cents to trade at $15.40.