- Title: USA: Wall Street opens higher as Ukraine tensions ease
- Date: 4th March 2014
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (MARCH 4, 2014) (REUTERS) (SOUNDBITE) (English) SAM STOVALL, CHIEF EQUITY STRATEGIST, S&P CAPITAL IQ, SAYING: "When you see that the markets were down less than 1 percent here in the U.S. and now the futures are pointing to more than a 1 percent advance in a recovery than I would tend to say that we're right back to the upward trajectory of this overall market, that yes, there was something to be worried about but just by seeing the limited fallout that we saw yesterday gives an implication that I think most traders did not expect this to be a long lasting and deep situation."
- Embargoed: 19th March 2014 12:00
- Location: Usa
- Country: USA
- Topics: Economy
- Reuters ID: LVA647UYXHB258BEVVBL674WE7A5
- Story Text: U.S. stocks rallied on Tuesday (March 4), with the S&P 500 at a record high, after fears of an escalating confrontation between Russia and Ukraine eased and Russian President Vladimir Putin ordered troops back to their bases.
Putin said there was no need to use military force in the Crimea region of Ukraine for now, a day after Russian stocks, bonds and currency were hammered as a result of Moscow's military move on the peninsula.
The flight to investment safety triggered by the tension reversed on Tuesday, with global stocks higher while gold, the Japanese yen and Treasuries prices fell. Crude oil prices, up more than 2 percent on Monday on Russia's standing as top exporter, pared last session's gain.
"We're right back to the upward trajectory of this overall market, that yes, there was something to be worried about but just by seeing the limited fallout that we saw yesterday gives an implication that I think most traders did not expect this to be a long lasting and deep situation," said Sam Stovall, Chief Equity Strategist for S&P Capital IQ.
The Dow Jones industrial average rose 192.01 points or 1.19 percent, to 16,360.04, the S&P 500 gained 24.33 points or 1.32 percent, to 1,870.06 and the Nasdaq Composite added 71.772 points or 1.68 percent, to 4,349.073.
The S&P hit an intraday record of 1,871.44 while the Nasdaq Composite touched a 14-year high.
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