U.K. stocks closed higher Tuesday, with Rio Tinto PLC among the notable advancers, but BP PLC shares tumbled after some disappointing financial figures from the oil heavyweight.

U.S. stocks closed slightly higher Tuesday, but off session highs, with the Nasdaq notching a new record while oil prices declined and the U.S. trade deficit hit its highest level in four years. The Nasdaq Composite Index COMP, +0.19% rose 10.67 points, or 0.2%, to close at a record of 5,674.22. The index hit an intraday all-time high of 5,689.60 during the session.

Global investors reeled in their risk taking on Wednesday, with many stock markets across Asia drifting lower under the pressure of falling oil prices. Equities in the region kicked off the week positively, but that momentum has flatlined as political uncertainty in Europe and the U.S. lingers.