Easing tensions between Russia and Ukraine gave Wall Street a much-needed lift on Tuesday after the former said it was returning some troops at the Ukrainian border to their deployment bases. In response, the Dow added more than 420 points to snap a three-day losing streak. Meanwhile, the Nasdaq and S&P 500 also scored substantial wins, joining the blue-chip index in nabbing their first victory in four sessions.
In other news, the producer price index (PPI) rose a higher-than-expected 1% in January. The red-hot reading comes ahead of the Federal Reserve's latest meeting minutes, which will be released tomorrow and may offer clues on the future of interest rate hikes and inflation.
The Dow Jones Average (DJI - 34,988.84) added 422.7 points or 1.2% for the day. Salesforce.com (CRM) led the gainers with a 3.8% pop, while Chevron (CVX) paced the laggards with a 0.7% drop.
The S&P 500 Index (SPX - 4,471.07 ) rose 69.4 points, or 1.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,139.76 ) gained 348.8 points or 2.5% for today's session.
Lastly, the Cboe Volatility Index (VIX - 25.70) fell 2.6 points or 9.3% for the day.
OIL, GOLD PRICES PLUMMET AS GEOPOLITICAL OUTLOOK IMPROVES
Oil prices fell on Tuesday, as tensions between Russia and Ukraine finally started to ease. Nonetheless, black gold held out above the psychologically significant $90 level. For the day, March-dated crude dropped $3.39, or 3.6%, to settle at $92.07 per barrel.
Gold prices edged lower as well, despite just yesterday notching a three-month high. Investors turned away from the safe-haven precious metal today amid an improving geopolitical scenario. In response, April-dated gold shed $13.20, or 0.7%, to finish at $1,856.20 per ounce.
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