Despite mixed earnings on Tuesday, stocks rallied higher on upbeat expectations of future fourth-quarter results. News that the European debt crisis situation is improving also helped propel markets higher.

The Dow Jones Industrial Average closed well off its high of the day but still in the green at 12,482 – up 60 points. The S&P 500 played around with key technical levels throughout Tuesday’s trading session but ultimately ended up 4.5 points at 1293.

Commodities accelerated to the upside as the US dollar dropped amid news that China and Germany had reported better-than-expected GDP growth. Silver broke $30 an ounce and gold rose to $1651 an ounce, up 1.25%. Crude oil spiked to $100.90 a barrel, up 2.25%.

Natural gas continued its downward spiral amid high inventories, dropping 6.85% to 2.48. Agricultural and soft futures also posted significant gains, as did the euro and GBP.

Brazil’s Bovespa Index also saw gains due to enhanced global demand for commodities from China and other countries that rely on producers located in Brazil.