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 closed higher Wednesday with the Dow industrials and S&P 500 notching new records, shaking off early weakness in the health-care sector to extend gains. Health-care names tumbled early Wednesday after President-elect Donald Trump threatened to cut drug prices. "I'm going to bring down drug prices," Trump told Time in his "Person of the Year" cover story. "I don't like what has happened with drug prices."

Asian equity markets were firmly higher on Thursday, propelled by another record close on Wall Street and expectations that the European Central Bank will extend its monetary stimulus measures. Though there was no specific trigger for Wednesday's U.S. rally, market participants speculated that large orders in stock futures placed by computer programs may have accelerated buying.