U.S. stock indices rose on Tuesday on better-than-expected economic reports and stabilization in commodity prices.

The Dow Jones Industrial Average rose 165.65 points, or 1%, to 17,417.27. The S&P 500 gained 17.82 points, or 0.9%, to 2,039.97 (of of its 10 sectors closed higher). The Nasdaq Composite gained 32.19 points, or 0.7% to 5,001.11.

The U.S. economy expanded by a slower pace in the third quarter compared to preliminary estimations. Nevertheless the result was better than economists' expectations. The GDP rose by 2.0% in the third quarter on a seasonally adjusted basis. The preliminary report showed a 2.1% increase. Economists had expected the index to be revised to 1.9% compared to the fourth quarter final reading of 3.9%.

This morning in Asia Hong Kong Hang Seng rose 0.94%, or 205.51, to 22,035.53. China Shanghai Composite Index gained 0.37%, or 13.41, to 3.665.18. Japanese markets are on holiday.

Chinese stocks started gaining after on Monday the country's government signaled it may stimulate the economy further.