The Federal Reserve released its industrial production report on Tuesday. The U.S. industrial production rose 0.7% in April, exceeding expectations for a 0.3% increase, after a 0.9% drop in March. March's figure was revised down from a 0.6% decrease.

The increase was mainly driven by a rise in utilities. Mining output fell 2.3% in April, while utilities production climbed 5.8%.

Manufacturing output was up 0.3% in April, after a 0.3% increase in March.

Capacity utilisation rate increased to 75.4% in April from 74.9% in March, beating expectations for a rise to 75.0%. March's figure was revised up from 74.8%.