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As the eurozone's debt issues were still in a bad shape, the European Central Bank decided to buy Portuguese bonds ahead of the country's bond auction on Wednesday, to prevent Portugal from seeking an international bailout.
Also, Japan announced that it planned to buy euro bonds, which helped lift the euro. The euro traded higher against the dollar to 1.2970 in late trading session in New York on Tuesday.
The European shares rose to a near 28-month closing high on Tuesday, despite concerns about the eurozone debt problems.
The pan-European FTSEurofirst 300 index of top shares closed 1. 3 percent higher at 1,147.59 points, ending at its highest closing level since mid-September 2008.
Investors are set to focus on a series of Wednesday's market- affecting matters, including import-export price indexes, oil inventories and most importantly, the Fed's Beige Book.
As of Tuesday's close, the Dow Jones industrial average rose 34. 43 points, or 0.30 percent, to 11,671.88. The Standard & Poor's 500 index increased 4.73 points, or 0.37 percent, to 1,274.48 and the Nasdaq climbed 9.03 points, or 0.33 percent, to 2,716.83.