Markets rise as debt worries recede

NEW YORK, Dec. 1 (UPI) -- U.S. markets climbed quickly Tuesday, as worries over Dubai World's debt crisis eased.

Markets were up in Asia and Europe after an unsteady few days prompted by Dubai World's announcement it would need to restructure $59 billion in debt.

Among active shares, Citigroup Inc. dropped 0.24 percent, while Bank of America shares rose 0.32 percent. By close, Ford Motor Co. shares slid 0.11 percent.

On the big boards, the Dow Jones industrial average added 126.74 points or 1.23 percent to 10,471.58. The Standard & Poor's 500 rose 13.23 or 1.21 percent to 1,108.86. The Nasdaq composite index gained 31.21 or 1.46 percent to 2,175.81.

On the New York Stock Exchange, 2.431 stocks advanced and 615 declined on a volume of 4.2 billion shares traded.

The benchmark 10-year Treasury fell 24/32 to yield 3.286 percent.

The euro rose to $1.5081 from Monday's $1.5017. Against the yen, the dollar rose to 86.689 yen from Monday's 86.39 yen.

In Japan, the Nikkei 225 index added 226.65 points, 2.43 percent, to 9,572.20.

In Britain, the FTSE 100 rose 2.34 percent, 121.49, to 5,312.17.