European stocks slumped Monday, led by a pullback in oil shares, as investors entered the trading week with the dollar sitting at a seven-month high while they waited to hear what's next for monetary policy at the European Central Bank.

U.S. stocks on Tuesday gained as the latest round of corporate earnings came in ahead of Wall Street's estimates, helping to buoy market sentiment. The S&P 500 SPX, +0.62% rose 13 points, or 0.6%, to finish at 2,139 while the Dow Jones Industrial Average DJIA, +0.42% climbed 75 points, or 0.4%, to close at 18,161. The Nasdaq Composite COMP, +0.85% advanced 44 points, or 0.9%, to finish at 5,243. Closely watched companies like Goldman Sachs Group Inc. GS, +2.15% Netflix Inc.

Asian shares were broadly higher early Wednesday, tracking overnight gains on Wall Street, while key data out of China met market expectations. The world's second-biggest economy expanded 6.7% in the third quarter from a year earlier, matching growth in the previous quarter, official data showed Wednesday. The figure was also in line with a forecast by economists polled by The Wall Street Journal.