Dubai Debt Talks Boost Stocks

Stocks climbed in the last hour of trading helped by headlines from Dubai that calmed investors fears about an imminent debt default.

Dubai World said that it was in "constructive" talks with banks on restructuring about $26 billion of debt.

Dubai World said out of the $26 billion, about $6 billion is estimated to be related to Nakheel Sukuk. They said a restructuring would comprise several phases and hired Moelis & Company to advise on a restructuring. Rothschild will continue as its financial advisor. Dubai World said it will adopt a policy of regular communication and the restructuring process will "be conducted on an expedited basis" in an equitable way. Dubai World will assess its developing options, including the sale of assets.

With 20 minutes left in the trading day, the Dow is up 41 points, the Nasdaq is up 5 and the S&P 500 is up 4.

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