NEW YORK, New York - Confusion about the U.S. Federal Reserve's next moves kept investors and traders on their toes Tuesday.

"This is a market that mimics what the Fed is doing. The market has already digested Powell's comments," Quincy Krosby, LPL Financial's chief global strategist told CNBC Tuesday.

"It is clear that the yields, and the speed at which the yields climb higher or climb lower, are very important for the market," Krosby said. "If the market makes sense that it's coming down too quickly, then that feeds into the idea that perhaps the economy is slowing at a faster rate."

The S&P 500 closed with a slight increase of 6.96 points, or 0.13 percent, to 5,187.70, buoyed by positive earnings reports.

The Dow Jones Industrial Average rose by 31.99 points, or 0.08 percent, to end at 38,884.26, driven by gains in the technology sector.

Meanwhile, the NASDAQ Composite experienced a small dip, declining by 16.69 points, or 0.10 percent, to close at 16,332.56. A sell-off in tech stocks contributed to the slight downturn.

U.S. dollar makes across-the-board gains despite softerning Treasury yields

The greenback exhibited marginal strength on Tuesday despite a dip in Treasury yields.

The euro edged down by 0.11 percent to 1.0756. The decline came amid ongoing concerns around European economic growth.

Meanwhile, the U.S. dollar gained strength against the Japanese yen. The USD/JPY pair increased by 0.51 percent to 154.64, up by 0.78 yen, as inflation concerns spurred demand for the dollar.

In North America, the U.S. dollar showed a notable increase versus the Canadian dollar. The USD/CAD pair rose by 0.44 percent to 1.3724, driven by rising oil prices that influence the Canadian economy.

The British pound also faced pressure against the U.S. dollar, with GBP/USD falling by 0.42 percent to 1.2509. Concerns over inflation and sluggish economic growth in the U.K. may have contributed to the pound's decline.

Against the Swiss franc, the U.S. dollar strengthened, with the USD/CHF pair up by 0.25 percent to 0.9085, indicating heightened investor interest in the greenback.

In the Pacific region, the Australian dollar weakened against the U.S. dollar. The AUD/USD pair slipped by 0.39 percent to 0.6599. A similar story unfolded with the New Zealand dollar, which dropped by 0.04 percent against the U.S. dollar, with NZD/USD falling to 0.6003.

Global Stock Market Update: Tuesday Closing Quotes

Major global stock indices showcased mixed results on Tuesday, with notable gains in Europe, Asia, and Australia, while some markets in Asia experienced declines.

CANADA

The S&P/TSX Composite Index in Toronto, Canada added 31.15 points, or 0.14 percent, to 22,290.62, supported by gains in energy and financial sectors.

UNITED KINGDOM

• FTSE 100: The London index surged to 8,313.67 points, gaining 100.18 points, up by 1.22 percent.

EUROPE

• DAX Performance Index: Germany's DAX climbed to 18,430.05 points, adding 254.84 points, a rise of 1.40 percent.
• CAC 40: France's CAC 40 closed at 8,075.68, up by 79.04 points, marking a 0.99 percent increase.
• Euronext 100 Index: This broad European index closed at 1,528.47 points, up by 12.54 points, gaining 0.83 percent.
• ESTX 50 PR.EUR: The Euro Stoxx 50 advanced to 5,016.10 points, a gain of 59.14 points, reflecting a 1.19 percent uptick.
• BEL 20: Belgium's index jumped to 3,996.52 points, an increase of 67.52 points, or 1.72 percent.

ASIA

• Nikkei 225: Japan's Nikkei soared to 38,835.10, with a gain of 599.03 points, an increase of 1.57 percent.
• SSE Composite Index: China's Shanghai index advanced modestly to 3,147.74, up by 7.02 points, a 0.22 percent increase.
• Shenzhen Index: This Chinese index closed at 9,770.94, down by 8.27 points, a decrease of 0.08 percent.
• Hang Seng Index: Hong Kong's market slipped to 18,479.37, shedding 98.93 points, or 0.53 percent.
• S&P BSE Sensex: India's index fell to 73,511.85 points, dropping 383.69 points, down by 0.52 percent.
• NIFTY 50: India's NIFTY index dipped to 22,302.50 points, shedding 140.20 points, or 0.62 percent.
• FTSE Bursa Malaysia KLCI: Malaysia's market rallied to 1,605.68, up by 8.29 points, gaining 0.52 percent.
• KOSPI Composite Index: South Korea's market surged to 2,734.36, an increase of 57.73 points, representing a 2.16 percent gain.
• TSEC Weighted Index: Taiwan's index climbed to 20,653.53, gaining 130.22 points, up by 0.63 percent.

OCEANIA

• S&P/ASX 200: Australia's index rallied to 7,793.30, rising 110.90 points, up by 1.44 percent.
• All Ordinaries: The index moved higher to 8,065.50, a gain of 113.20 points, an increase of 1.42 percent.
• S&P/NZX 50 Index: New Zealand's index dipped to 11,800.78 points, down by 20.00 points, a decline of 0.17 percent.

AFRICA

• JNOU.JO: In South Africa, the Top 40 USD Net TRI Index edged up 1.89 points or 0.05 percent to 4,125.77.

MIDDLE EAST

• TA-125: Israel's index closed at 1,996.84, gaining 30.01 points, a rise of 1.53 percent.
• EGX 30 Price Return Index: Egypt's index rose to 26,429.70, adding 316.00 points, an increase of 1.21 percent.