NEW YORK, New York - U.S. stocks roared ahead on Tuesday, with the Dow Jones industrials regaining the 30,000 level, despite ongoing fears of a global recession.

"The market already in a sense may have priced in a shallow recession...you had negative GDP in Q1, so it is possible that the second quarter is negative, in which case the recession could potentially be in the rear-view mirror," Thomas Hayes, managing member of Great Hill Capital in New York told Reuters news agency Tuesday.

The Dow Jones industrials advanced 641.47 points or 2.15 percent to close Tuesday at 30,530.25.

The Nasdaq Composite rose 270.95 points or 2.51 percent to 4,069.30.

The Standard and Poor's 500 added 89.95 points or 2.45 percent to 3,764.79.

U.S. 10-year benchmark bond yields rose 3.29 percent pushing the dollar higher.

The euro edged down to 1.0529 by the New York close Tuesday. The British pound was little changed at 1.2268. The Japanese yen plummeted to 136.60, a two-dozen-year low. The Swiss franc drifted down to 0.9667.

The Canadian dollar was steady at 1.2917. The Australian dollar was a few points lower at 0.6968. The New Zealand dollar inched down to 0.6329.

On overseas markets, the FTSE 100 in London added 0.42 percent. The German Dax rose 0.20 percent, while in Paris, France, the CAC 40 climbed 0.75 percent.

In Japan, the Nikkei 225 surged 475.09 points or 1.84 percent to 26,246.31.

The Australian All Ordinaries gained 91.30 points or 1.38 percent to 6,700.80.

In New Zealand, the S&P/NZX 50 climbed 113.39 points or 1.07 percent to 10,701.59.

The Kospi Composite in South Korea advanced 17.90 points or 0.75 percent to2,408.93.

In Hong Kong, the Hang Seng rallied 380.35 points or 1.80 percent to 21,544.26.

China's Shanghai Composite, going against the trend, dipped 8.71 points or 0.26 percent to 3,306.72.