NEW YORK — The stock market is picking up where it left off before its scare over debt problems in Dubai.
Major stock indicators rose more than 1 percent Tuesday, including the Dow Jones industrial average, which added 126 points and traded above 10,500 for the first time since October of last year.
A weaker dollar again boosted stocks, a pattern that has played out for months. The cheaper U.S. currency drove up commodities prices and lifted the shares of energy and materials companies that produce them.
Analysts said a mostly upbeat array of economic reports and easing worries about the fallout from debt struggles in Dubai gave investors who jumped out of the market last week reason to return.
The market’s two-day advance leaves the Dow just above where it was before stocks tumbled Friday on worries that an investment fund in Dubai wouldn’t be able to pay its debts. Investors worried that could trigger another financial spiral like the one that followed the collapse of Lehman Brothers last year.
Economic reports were mixed but still pointed to a strengthening trend. The Institute for Supply Management, a trade group, said overall manufacturing activity grew at a slower pace in November but that new orders rose. That signals activity could pick up in the coming months. The ISM’s measure of employment grew for the second straight month after sliding for more than a year.
The Dow rose 126.74, 1.2 percent, to 10,471.58, its highest close since October 2008. It rose as high as 10,501.28 during trading, the first time it has topped 10,500 in 14 months.
The broader Standard & Poor’s 500 index gained 13.23, 1.2 percent, to 1,108.86, while the Nasdaq composite index rose 31.21, 1.5 percent, to 2,175.81.
Gold topped $1,200 for the first time to settle at $1,200.20 an ounce, a gain of 1.5 percent. Silver and copper prices also touched fresh highs.
