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U.S. stock benchmarks opened sharply higher Tuesday after a Russian news agency reported that some troops were returning to base in a tentative sign of decreasing tensions with Ukraine.
Meanwhile, the latest update on U.S. inflation at the producer level came in hotter than expected, following a reading of consumer prices last week. The January producer-price index, or PPI, showed a 1% monthly rise, double the 0.5% increase expected by economists surveyed by The Wall Street Journal.
Separately, the New York Fed’s Empire State business conditions index edged up to 3.1 in February, after a surprise negative 0.7 reading in January. Economists had expected a stronger rebound to a reading of 10.
-
The Dow Jones Industrial Average
DJIA,
+0.81%
rose 453 points, or 1.3%, to reach around 35,025. -
The S&P 500 index
SPX,
+1.10%
advanced 1.4% to 4,461. -
The Nasdaq Composite Index
COMP,
+1.80%
climbed 244 points, or 1.8%, to about 14,030.
