European stocks moved higher Tuesday as utility shares gained and banks recovered from the fallout from this weekend's referendum in Italy. Italy's political and banking woes may help European Bank President Mario Draghi convince hawkish ECB members to agree to extend the bank's eurozone stimulus efforts, including its bond-buying program. The ECB will release a policy decision Thursday.

U.S. stocks rose Tuesday, with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row, as the theme of rotational buying into new leaders such as financials and dividend-rich telecommunication shares continued. The market's momentum, however, was subdued as investors appeared to trade cautiously after the blue-chip's gauge notched an all-time high in the previous session.

Asian shares were broadly higher Wednesday, catching a lift from gains in the U.S., as a weak Japanese yen helped exporters' stocks on the Nikkei Stock Average. In Australia, gross domestic product fell 0.5% in the third quarter from the second quarter. Economists surveyed by The Wall Street Journal expected the economy to contract by 0.1%.