NEW YORK (CNNMoney)
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq gained between 0.4% and 0.6%.
The highly anticipated announcement of $24.4 billion leveraged buyout of computer maker Dell (DELL, Fortune 500) helped market momentum Tuesday. Shares of Dell were halted in early trading.
All 30 Dow components were higher, led by Bank of America (BAC, Fortune 500). Shares of U.K. cable operator Virgin Media (VMED) rallied 16%, making it the biggest gainer on the Nasdaq. The company confirmed it has been approached by media billionaire John Malone's Liberty Globa (LBTYA, Fortune 500)l about a possible deal.
Investors also had a slew of earnings to pore through.
BP (BP) kicked off the day with results noting the company paid out billions in fines to the U.S. government, yet shares rose more than 1%,
UBS (UBS), meanwhile, posted a $2 billion loss driven by Libor fines. The Swiss banking giant also reported it is capping its largest bonuses at $1.1 million, half the previous cap. Shares fell nearly 1%.
Disney (DIS, Fortune 500) and Zynga (ZNGA) are on tap to report after the closing bell.
Related: Fear & Greed easing but still in extreme greed
U.S. stocks sank Monday, with the Dow retreating from the 14,000 milestone as concerns about European politics -- namely, corruption allegations against the Spanish prime minister and a banking scandal in Italy -- weighed on the market.
Related: Individual investors still nervous
Shares of Yum! Brands (YUM, Fortune 500) sank 6%, a day after the restaurant operator said it expected earnings to fall in 2013 based on its recent struggles in China.
Boeing (BA, Fortune 500), whose 787 Dreamliner battery problems have caused shares to drop 5% this year, hopes the Federal Aviation Administration will allow Dreamliner test flights to find the source of the aircraft's issues.
Mastemarcard (MA, Fortune 500) shares rose more than 1% after the company announced it will start a new stock repurchase program and double its quarterly cash dividends to 60 cents per share.
Shares of J.C. Penney (JCP, Fortune 500) were down 2% after the retailer filed a lawsuit to protect itself from having nearly $3 billion in debt come due in the next few months.
Baidu (BIDU) shares also tumbled nearly 10% on analysts' worries about the company's rising costs.
On the economic docket, the Institute for Supply Management will release its monthly services sector index at 10 a.m. ET.
European markets were higher in afternoon trading, stabilizing after Monday's slide.
Asian markets ended mixed. The Shanghai Composite added 0.2%, while the Nikkei dropped 1.9% and the Hang Seng declined 2.3%.
Oil and gold prices edged higher.
The yield on the 10-year U.S. Treasury note rose to 2.02% from 2%.
The U.S. dollar gained versus the British pound and the Japanese yen, but lost ground ag ainst the and Japanese yen 
First Published: February 5, 2013: 9:56 AM ET
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