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Stocks rose at the market opening Tuesday, looking to log their fourth-straight session in positive territory, as upbeat results from Alcoa lifted optimism over the second-quarter earnings season.
The Dow Jones Industrial Average was 73 points higher in early trading, led by UnitedHealth and 3M.
The S&P 500 and the Nasdaq also opened higher, while the CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slid near 14.
Most key S&P sectors were in positive territory, led by materials and industrials.
Alcoa rose after the aluminum maker posted earnings and revenue that topped Wall Street expectations, adding it remains optimistic that global demand for aluminum will grow 7 percent this year. Alcoa is the first Dow component to report, unofficially kicking off the earnings season.
As of Friday, 122 S&P 500 companies had made earnings pre-announcements, and the ratio of negative-to-positive ones was 6.5-to-one, according to Reuters. That is the biggest percent of negative readings since 2001.
(Read More: Firms Set to Beat Lowered Bar for Earnings Season)
The International Monetary Fund (IMF) was due to release its "World Economic Outlook" later on Tuesday. The head of the organization, Christine Lagarde, hinted at the weekend that the IMF could trim global growth forecasts.
On the economic front, small business optimism slipped in June from its one-year high amid uncertainty over the economic recovery, according to the National Federation of Independent Business.
The Treasury was scheduled to auction $32 billion in 3-year notes later on Tuesday.
In Asia, investors largely ignored unexpectedly high consumer inflation numbers from China, despite fears that strong price rises will rule out the prospect of monetary easing by the Chinese central bank.
"CPI [consumer price inflation] data is not a market mover. Short-term focus is still on shadow banking. Investors are wondering if China's banking system can sustain a decline in GDP [gross domestic product] growth," said Stephen Sheung, head of investment strategy at SHK Private.
Meanwhile, Japan's benchmark index closed just shy of a six-week high, as the dollar-yen trade breached the 101-yen handle.
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