The US stocks closed higher on Tuesday as investors begin to heavily buy shares as commodities producers slowly beginning to balance their output helping its price to rebound.

Taking positive cues from encouraging gains on Wall Street, Asian stocks with an exception to China moved up on Tuesday. Chinese stock market dropped following the jitters emerging from adverse developments in forms of corruption and illegal trading that dampened the market sentiment.

Due to the lower cost of regulatory fines, HSBC's pre-tax profit in the third quarter increased 32 percent to $6.1 billion from $4.6 billion in the same period last year, beating analysts' expectations of $5.2 billion.

US Stocks went up across sectors Monday largely due to the increases in the energy sector and the growing acquisition activities in healthcare. Reuters reported that the increases on the first trading day of November happened right after the impressive October figure, which is the best monthly performance of the major indexes in the last four years.

Morgan Stanley reported a big miss in the third quarter profit as a result of a decline in their trading and private equity business. Although they have shifted their focus on business segment with less risk, global economic slowdown has hit Morgan Stanley and other US banks this quarter.

Twitter CEO Jack Dorsey gives away a third of his stock in the online messaging service to employees. The move, seen by many as an effort to win staff support, comes just a week after Dorsey laid off more than 300 employees or 8% of Twitter's workforce to streamline the company.

The internet radio services provider Pandora's stock plummeted owing to increased competition in the global market. Pandora shares dropped 35 percent on Wall Street in just one session eroding $1.4billion market capitalization of the company. The emerging competition in internet radio services from global majors such as Apple is impacting the Pandora's performance. Adding to this YouTube has also introduced a subscription plan for music and video.

The billionaire and activist investor, Carl Icahn announced that he is trying to lobby the congress to pass a new tax reform law that will not allow any US corporation from running business overseas just to avoid taxes. According to Icahn, he is planning to put forward $150 million into the new law known as super-PAC.

United Technologies Corp, one of the top US aerospace and building systems conglomerate announced a slight drop in its third quarter earnings. According to the report, the United Technologies' income fell to $1.36 billion compared to $1.85 billion in 2014. The company also announced a major restructuring plan that will be carried out before 2016 as a strategy to cut cost and improve company's revenue.

Malaysia's Eastspring Investments Bhd. was reported to have been buying property related stocks listed in the Kuala Lumpur Stock Exchange when the stocks plunged to its lowest recently. According to the valuation, the company bought the stock at the price of 32 percent discounted rate.