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European shares closed higher on Tuesday after a volatile session, with index heavyweight BP leading energy shares up as its results beat forecasts, but U.S. economic data limited gains.
The FTSEurofirst 300 index of top European shares rose 0.4 percent to a provisional close of 1,000.32 points, after falling for three straight days.
The index had briefly turned negative immediately after U.S. consumer confidence data, and had been up as much as 0.9 percent earlier in the session.
The European benchmark index is up 55 percent from its lifetime low of March 9 as investors have become more confident on the prospects of economic recovery.
"The sentiment had become too optimistic," said Giuseppe-Guido Amato, strategist at Lang & Schwarz.
"This is no more than a correction. We are seeing some erratic moves. The trend is still on the upside."
He added: "We have liquidity. Because of lack of alternatives we will see money coming into the market."
Energy shares were among the top gainers. Index heavyweight BP [BP-LN Loading... ()] rose 5.3 percent after beating third-quarter earnings forecasts by a big margin in a sign its restructuring plans were delivering results. Its cost cuts were ahead of targets, and its oil and gas output up strongly.
Total, Royal Dutch Shell, [RDSA-LN Loading... ()] and StatoilHydro were up between 1.7 and 2.6 percent as crude oil futures rose well above $79.
U.S. consumer confidence fell to lower-than-expected levels in October amid growing concerns that job market conditions will worsen in the near term. The Conference Board said its index of consumer attitudes slipped to 47.7 in October from a revised 53.4 in September, which was originally reported as 53.1.
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