NEW YORK » Wall Street climbed back on an upward track yesterday, rising in late trading as a surge in gold and other commodities prices gave investors a reason to snap up energy and materials stocks.

But the market's closing levels masked the fact that it was a confusing day on the Street. Investors had sent stocks higher until midafternoon on expectations of a bailout for the Detroit automakers, but the market forfeited that advance on signs that the plan was running into opposition from Republican lawmakers. Investors then set aside their uncertainty, and plowed back into stocks as they saw the rebound in commodities.

Gold picked up $34.70 an ounce to close at $807.10 on the New York Mercantile Exchange, lifted by a weaker dollar, but also because investors seemed to be more willing to take on some risk - a trend that has also been apparent in the recent rally on Wall Street. Oil prices also rose on the Nymex, settling up $1.45 at $43.52 a barrel.

In turn, companies that make their money from commodities rallied, boosting the rest of the stock market. Exxon Mobil Corp. rose 2.4 percent and mining company Freeport-McMoRan Copper & Gold Inc. added 16 percent.

Richard E. Cripps, chief market strategist for Stifel Nicolaus, said the rise in commodities suggests that some investors are betting on an economic rebound.

Still, investors are extremely wary about the many trouble spots in the global economy. And so shifting sentiment over a possible bailout deal for Detroit's Big Three automakers tugged at stocks throughout the session.

The Dow Jones industrial average rose 70.09, or 0.81 percent, to 8,761.42. On Tuesday, the Dow shed 243 points after disappointing corporate news reminded investors of the magnitude of the economy's troubles. But the Dow and the Standard & Poor's 500 index have now advanced in 10 of the last 13 sessions.

The S&P 500 index rose 10.57, or 1.19 percent, to 899.24, and the Nasdaq composite index rose 18.14, or 1.17 percent, to 1,565.48. The Russell 2000 index of smaller companies rose 10.69, or 2.30 percent, to 476.40.

Since reaching multiyear trading lows on Nov. 20, the Dow has risen 16 percent and the broader S&P 500 has risen 19.5 percent, while the Nasdaq is up 19 percent.

The number of stocks advancing on the New York Stock Exchange yesterday outpaced decliners 2 to 1. Consolidated volume came to a light 5.1 billion shares compared with 5.57 billion shares traded Tuesday.

The yield on the three-month T-bill fell to 0.02 percent from 0.03 percent late Tuesday. The yield on the benchmark 10-year Treasury note rose to 2.69 percent from 2.65 percent late Tuesday.

The dollar was lower against most other major currencies, which helped feed the rally in commodities.