US Stocks Rally As Ukraine Worries Ease; Dow Surges 200 Points

U.S. stocks jumped on Tuesday, with the Dow and S&P 500 bouncing back after their worst hit in a month, as concerns over the Ukraine ebbed.

Reported comments by Vladimir Putin that the Russian president had called troops taking part in military exercises close to Russia’s border with the Ukraine back to their bases help ease worries of an immediate escalation of military force.

The geopolitical friction spurred a run by investors to perceived safe havens on Monday, with gold, the U.S. dollar and Treasury prices rallying. On Tuesday, that trend reversed, although volatility was expected to remain in play as the situation in the Ukraine continues to play out.

After a 205-point leap, the Dow Jones Industrial Average was recently at 16,362.39, up 194.36 points, or 1.2 percent.

After clearing its 2014 gain on Monday, the S&P 500 rallied to an intraday record of 1,869.96, and was lately at 1,868.74, up 23.01, or 1.3 percent. Technology led gains that included all 10 of the S&P’s major sectors.

Delta Air Lines rallied 3.5 percent after the carrier reported financial and operating results for February; Apple shares gained after the consumer-technology company said CFO Peter Oppenheimer would retire at the end of September.RadioShack fell sharply after reporting fourth-quarter sales below expectations.Abercrombie & Fitch rose after Credit Suisse Group upgraded the teen-clothing retailer. Facebook rose after a source familiar with the situation told CNBC on Tuesday the social-networking company would buy drone-maker Titan Aerospace for around $60 million.

The Nasdaq surged 67.91 points, or 1.6 percent, to 4,345.27.

For every share falling, more than eight gained on the New York Stock Exchange, where 150 million shares traded as of 10:30 a.m. Eastern. Composite volume approached 769 million.

The dollar fell against the currencies of major U.S. trading partners and the yield on the 10-year Treasury note used in figuring mortgage rates and other consumer loans rose 5 basis points to 2.657 percent.

Crude futures fell $1.59, or 1.5 percent, to $103.33 a barrel; gold futures shed $16, or 1.2 percent, to $1,334.30 an ounce.

Source: CNBC