United States stock markets closed the session on Tuesday recording significant gains as traders look ahead to the release of the minutes from the Federal Reserve's October meeting set to come out the following day. The upward movement in the markets appeared to be sparked by policymakers' clues that the pace of the interest rate hikes could be slowed at its December meeting.

In addition, market participants dissected the latest corporate financial results, with HP Inc. expected to publish its earnings for the third quarter after the closing bell.

The S&P 500 rallied 1.36% with Best Buy Co. Inc. skyrocketing by 12.78%, recording the biggest gain since March 2020. The Nasdaq 100 surged 1.48% with Analog Devices Inc. jumping 5.77%. The Dow Jones Industrial Average soared by 398 points or 1.18% as Intel Corp. rose 3.04%.

The euro gained 0.59% against the dollar, to change hands to $1.03028 at 3:57 pm ET.