Commodity rally gives respite, masks deeper worries

The Dow Jones industrial average was up 45.94 points, or 0.36 percent, at 12,684.68. The Standard & Poor's 500 Index was up 6.09 points, or 0.45 percent, at 1,346.29. The Nasdaq Composite Index was up 15.69 points, or 0.55 percent, at 2,843.25.

European shares fell on Monday after banks were hit by a Greek credit rating downgrade, with further weakness seen for financials as investors price in a greater likelihood that Greece will restructure its debt.

Tokyo stocks fell for a second straight session, dragged down by a plunge in Chubu Electric after Prime Minister Naoto Kan called for the closure of its nuclear plant due to worries that a large earthquake could trigger another nuclear crisis.

The benchmark Nikkei average closed down 0.7 percent, or 64.82 points, at 9,794.38. The broader Topix lost 0.4 percent to 853.21.