(By Balachander) U.S. stocks ended in green amid expectation the European Central Bank (ECB) will act soon to address the euro zone's debt woes following a set of downbeat economic readings from the region.
S&P 500 Index gained 0.51 percent to finish at 1,401.31. The Dow Jones Industrial Average added 0.39 percent to end at 13,168.22. The Nasdaq Composite Index rose 0.87 percent to close at 3,015.86.
With no major U.S. economic data due on Tuesday, investors weighed a set of corporate news and news out of Europe.
A report showed that German factory orders fell more-than-expected in June. The Federal Ministry of Economy and Technology said factory orders declined 1.7 percent, coming in worse than expectations of a 0.8 percent fall. Another data showed that U.K. industrial production tumbled 2.5 percent in June following a 1 percent in May. The Italian economy contracted for the fourth straight quarter, another report showed.
Meanwhile, Boston Federal Reserve President Eric Rosengren called for an open-ended bond-buying program to spur economic growth.
Hot Stocks Of The Day: PFE, CHK, THC, MGM, FOSL, NIHD, WMS, LEAP, BSFT
In corporate news, Johnson & Johnson (NYSE:JNJ) and Pfizer Inc. (NYSE:PFE) announced that they will discontinue further studies of an Alzheimer's treatment as study results did not meet two co-primary clinical targets. American depositary receipts of their partner Elan Corp. (NYSE:ELN) closed lower. Separately, Pfizer said it will pay a fine totaling $60 million to resolve allegations that its employees and agents bribed foreign officials to boost the company's business. PFE lost 2.14 percent.
Chesapeake Energy Corp. (NYSE:CHK) jumped 9.44 percent after the Oklahoma-based natural-gas producer posted a jump in second-quarter earnings on gains from sales of assets and hedging activities. The company's revenue breezed past consensus estimates.
Tenet Healthcare Corp. (NYSE:THC) jumped 9.01 percent after the hospital operator posted quarterly earnings that topped Wall Street expectations.
Fossil Inc. (NASDAQ:FOSL) soared 31.49 percent after the fashion accessories company posted a 12 percent increase in quarterly earnings on a double-digit rise in sales as well as strong growth in its geographical segments. Results exceeded Wall Street expectations.
MGM Resorts International (NYSE:MGM) added 7.46 percent after the Las Vegas, Nevada-based casino and resort operator reported a 29 percent jump in quarterly revenue.
CVS Caremark Corp. (NYSE:CVS) raised its earnings forecast for the full year after the Rhode Island-based health care company reported better-than-expected quarterly earnings helped by jump in revenue. Shares fell 1.74 percent.
Sirius XM Radio Inc. (NASDAQ:SIRI) rose 4.55 percent after the New York-based provider of satellite radio services raised its EBITDA guidance following a jump in quarterly earnings on tax gains.
NII Holdings Inc. (NASDAQ:NIHD) tumbled 24.38 percent after the Reston, Virginia-based wireless carrier reduced its sales guidance for 2012, citing competitive market conditions.
WMS Industries Inc. (NYSE:WMS) slumped 17.91 percent. The Waukegan, Illinois-based maker of video gaming machines expects fiscal first-quarter revenue to approach the year-ago period levels.
Leap Wireless International Inc. (NASDAQ:LEAP) slumped 18.66 percent after the San Diego, California-based cellphone carrier reported customer losses for the second quarter.
BroadSoft Inc. (NASDAQ:BSFT) soared 34.23 percent after the Gaithersburg, Maryland-based developer of communications software increased its earnings outlook and announced the acquisition of Adaption Technologies Ventures Ltd to boost its BroadCloud Software-as-a-Service (SaaS) offerings.
European markets ended in green amid optimism that ECB will purchase Italian and Spanish bonds to lower borrowing costs. Germany's DAX ended 0.71 percent higher at 6,967.95. France's CAC40 rose 1.52 percent to finish at 3,453.28. U.K.'s FTSE 100 gained 0.56 percent to end at 5,841.24.
Among Asian markets, China's Shanghai Stock Exchange Composite Index rose 0.13 percent to finish at 2,157.62. Japan's Nikkei 225 added 0.88 percent to end at 8,803.31. Hong Kong's Hang Seng Index advanced 0.37 percent to end at 20,072.55. India's BSE Sensex finished at 17,601.78, up 1.08 percent.
Commodity & Currency Scan:
Crude oil futures advanced 1.28 percent to $93.380 per barrel and natural gas futures gained 1.93 percent to $2.964 per million metric British thermal units. Gold futures edged 0.12 percent lower to $1,614.3 per ounce while silver futures added 0.78 percent to $28.08 per ounce.
In the currency market, the euro dipped 0.03 percent against the U.S. dollar to 1.2397. The British pound gained 0.19 percent against the greenback to 1.5633, and the dollar rose 0.46 percent against the Japanese yen to 78.6100.