Wall Street Up

From Reuters:

U.S. stocks climbed on Tuesday as a weak dollar boosted natural resource companies' shares and housing data reassured investors about the recovery.

Sentiment also got a lift as concerns receded about the impact of Dubai's debt woes, which some had feared could lead to deepening global financial turmoil.

The S&P materials index .GSPM climbed 2 percent, helped by shares of commodity-oriented companies like U.S. Steel Corp (X.N), up 2.4 percent at $45.72; Alcoa Inc (AA.N), up 3.1 percent at $12.91, and Newmont Mining Corp (NEM.N), up 4.6 percent at $56.08.

Data showed pending sales of previously owned U.S. homes rose more than expected to their highest level in 3-1/2 years in October. The Dow Jones home construction index .DJUSHB gained 2.1 percent. For details, see [ID:nN01495024]

"To sell the dollar (and) to buy higher-return assets such as stocks, commodities, gold and oil, that's the recovery trade. People will ignore the long-term effects of a declining dollar for the balance of this year," said Jim Awad, managing director at Zephyr Management in New York.

Also, he said, "people are relieved about Dubai."

The Dow Jones industrial average .DJI was up 143.44 points, or 1.39 percent, at 10,488.28. The Standard & Poor's 500 Index .SPX was up 15.25 points, or 1.39 percent, at 1,110.88. The Nasdaq Composite Index .IXIC was up 36.06 points, or 1.68 percent, at 2,180.66.