New York: Two regional banking firms reported profits on Tuesday that beat expectations, shoring up confidence in the financial services industry, and higher oil prices spurred buying in petroleum stocks.

"Now is a good time to begin going into financials," Daniel Bandi, chief investment officer at Integrity Asset Management LLC, told Bloomberg Television.

"You want to be there when the market senses that the end is coming, because that's going to be a pretty sharp rebound." The blue-chip Dow Jones Industrial Average gained 60.41 points, or 0.49 per cent, to 12,362.47.

The broader Standard Poor's 500 Index rose 6.11 points, or 0.46 per cent, to 1,334.43.

The technology-heavy Nasdaq Composite Index added 10.22 points, or 0.45 per cent, to 2,286.04.

The US currency edged up against the euro to 63.331 euro cents on Tuesday, compared to 63.15 euro cents on Monday.

The dollar was up against the Japanese currency to 101.85 yen on Tuesday, compared to 101.1 yen on Monday.

Source : IANS