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At the closing bell in New York the Dow Jones settled up 3 points at 17515 while the Nasdaq gained 21 points to end at 4655 and the S&P 500 edged up 4 points to 2023.
US stock futures rose after China released data showing its economy grew 7.4% in 2014 better than expected but still the slowest pace in 24 years. U.S. stocks then dropped but later resisted losses swinging around breakeven for the later part of the session only to finish slightly higher.
The International Monetary Fund trimmed its global growth forecast for this year and next warning that a boost from lower crude oil prices would offset weaker economic prospects for China Japan and eurozone nations.
European stocks finished broadly higher ahead of the expected sovereign bond buying plan by the European Central Bank which is anticipated to be announced on Thursday when policy makers meet. The scope of the plan could disappoint investors though.
China's Shanghai Composite finished up 1.8% after falling nearly 8% on Monday amid a margin trading crackdown.
On the economic front in the US the National Association of Builders reported that its monthly builder sentiment index for January ticked down by one point to 57 remaining close to the highest level since late 2005.
Commodities
Gold futures for February delivery climbed 1.4% to settle at US$1294.20 on the New York Mercantile Exchange in New York.
March silver futures advanced 1.2% to settle at US$17.96 an ounce.
Platinum for April delivery rose 1.4% to settle at US$1286.60 an ounce while palladium for March delivery advanced 3.2% to settle at US$778.75 an ounce.
West Texas Intermediate for February delivery which expired yesterday decreased US$2.30 to settle at US$46.39 a barrel on the New York Mercantile Exchange.
Wall Street round-up
In corporate activity earnings season ramps up this week. Morgan Stanley (NYSE:MS) fell 0.4% after announcing lower-than-expected fourth quarter profit and revenue.
Halliburton (NYSE:HAL) posted higher earnings and revenue in its December quarter but cautioned that this year will be challenging as it moves forward with its plans to acquire rival Baker Hughes (NYSE:BHI). Shares rose 1.8%.
Delta Air Lines (NYSE:DAL) climbed around 7% after reporting better-than-expected fourth quarter adjusted earnings helped by falling fuel prices.
Johnson & Johnson (NYSE:JNJ) fell 2.6% despite topping profit expectations as sales fell shy of estimates. IBM (NYSE:IBM) and Netflix (NASDAQ:NFLX) are slated to release quarterly numbers after the closing bell.
In other news oilfield services giant Schlumberger (NYSE:SLB) has agreed to buy a 45.65% stake in Russia's Eurasia Drilling for $1.7 billion with an option to buy the remainder three years after the deal closes.
Twitter (NYSE:TWTR) is buying India-based mobile marketing company ZipDial for an estimated $30 to $40 million.
J.C. Penney (NYSE:JCP) is according to a report in the Wall Street Journal bringing back its hefty print catalog about 5 years after killing it off after discovering that many of its online sales were driven by what customers saw in print.
Clean Harbors (NYSE:CLH) said Tuesday it is spinning out its oil and gas field services business into a standalone public entity following a strategic review. Shares gained 3%.
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