About three stocks advanced for every two that fell on U.S. exchanges, as 5.3 billion shares traded hands, or 16% than the three-month average.

Crude climbed to a three-week high as Syria threatened retaliation against Israel for an air strike. The European benchmark grade's premium to West Texas Intermediate oil widened from a 16-month low. Oil for June delivery increased 55 cents (+0.6%) to $96.16 a barrel on the NYMEX, the highest settlement since 2 April.

Gold futures gained for the second time in three sessions on expectations that China will announce more stimulus measures to boost economic growth, increasing demand for the precious metal as a store of value.

Gold futures for June delivery advanced 0.3% to settle at $1,468 an ounce on Comex in New York.

The euro fell against the US dollar after European Central Bank President Mario Draghi said policy makers are ready to cut interest rates again if needed after reducing them to a record low last week. Today's session will bring us a host of important economic data.

At 11:30am the market will be in receipt of the latest Trade Balance figures, as well as the latest House Price Index reading. Then, at 2:30pm, the RBA will announce the cash rate and release its statement. Economists aren't hopeful of a cut, with only 8 out of 29 surveyed by Bloomberg thinking there will be one.

The markets are a little more hopeful though, pricing in a 52% chance of a 25 basis point cut.

Morning Market Update: Quiet Overnight is a post from: Australian Stock Report Market Pulse Blog