New York ? The stock market got a big lift from a faraway place: Australia.

The Dow Jones industrial average jumped 132 points Tuesday and all major indicators rose more than 1 percent as the Australian central bank’s decision to raise interest rates boosted investor optimism about the global economy. The Dow is up 244 points in two days, its best back-to-back gain since mid-July.

Investors’ show of confidence ahead of a flood of corporate earnings reports came as Australia became the first major country to raise interest rates since the onset of the financial crisis last year. The move signals that policymakers see the country’s economy as strong enough to withstand higher borrowing costs. That touched off hopes that other economies might also be growing.

Australia’s decision also dented demand for the U.S. dollar, which, in turn, raised commodities prices. U.S. energy and materials stocks jumped as oil rose and gold reached a record high.

Gold rose as high as $1,045 an ounce on the Nymex before closing at $1,039.70, its highest finish since March 2008.