Cold weather in Europe and the United States kept oil prices firm for the third straight session, while copper hit an all-time high, buoyed by supply disruption from Chile.

European shares ended at a fresh 27-month high with mining shares boosted by strong metals prices.

US stock indexes hit new highs after topping key technical resistance levels. The S&P 500 has rallied 6.1 percent to two-year highs this month and was up around 22.5 percent from closing lows this year.

The Dow Jones Industrial Average was up 44.62 points, or 0.39 percent, at 11,522.75. The Standard & Poor's 500 Index rose 6.04 points, or 0.48 percent, at 1,253.12. The Nasdaq Composite Index gained 14.35 points, or 0.54 percent, at 2,663.91.

Global stocks measured by the MSCI All-Country World Index advanced 0.86 percent while the pan-European FTSEurofirst 300 index of top shares closed up 1 percent at 1,144.19 points, the highest closing since late September 2008.

In Asia, Japan's Nikkei average gained 1.5 percent to hit a seven-month closing high.

Meanwhile, the euro rebounded after China urged that tough talk from European leaders on the debt crisis be backed up with action, but the gains were likely to be short-lived amid fears of more ratings downgrades.

The euro rose 0.12 percent to $1.3132 after trading as high as $1.3200 earlier. It fell to a fresh all-time low against the Swiss franc, at 1.2615 francs as euro zone concerns enhanced the safe-haven status of the franc.

The dollar fell 0.11 percent against a basket of major currencies.

Oil rose 0.38 percent at $89.71 a barrel, within sight of a high of $90.76 — the strongest for more than two years — hit earlier this month, on the back of cold weather in Europe and the United States, forecasts of a drop in inventories and expectation of stronger US gasoline demand.