Stocks rise, US market "pricey" but "bullish"

Stocks mostly returned to winning ways on Tuesday.

The S&P 500 rose 0.1 percent, the STOXX Europe 600 rose 0.3 percent and the Shanghai Composite Index rose 0.2 percent. However, the Nikkei 225 fell 0.3 percent.

Further gains could be hampered by high valuations, especially for US stocks.

"I'm a little concerned that we're getting a little pricey, a little rich," Erin Gibbs, equity chief investment officer at S&P Global, told CNBC on Monday.

Nevertheless, Ari Wald, head of technical analysis at Oppenheimer, told CNBC on Monday that "the longer-term trend here is bullish for the S&P 500".

David Kelly, chief global strategist at JPMorgan Asset Management, agrees.

"So long as rates move up slowly, the Fed raises rates slowly, the bull market continues on," he said at a media briefing on Tuesday.