U.S. Stocks Rise as Putin Comments Ease Ukraine Tension

[Purveyor]

Source: Bloomberg

U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding to a record from its biggest loss in a month, as comments from Russian President Vladimir Putin signaled the Ukraine crisis won’t immediately escalate.

Qualcomm Inc. gained 4 percent after raising its dividend and boosting its buyback plan. Abercrombie & Fitch Co. (ANF) advanced 5.8 percent after Credit Suisse Group AG lifted its rating on the teen-apparel retailer. RadioShack Corp. plunged 14 percent after sales missed analysts’ estimates.

The S&P 500 jumped 1.3 percent to an all-time high of 1,870.28 at 11:09 a.m. in New York. The Dow Jones Industrial Average rose 197.06 points, or 1.2 percent, to 16,365.09. Trading in S&P 500 stocks was 18 percent below the 30-day average at this time of day.

“The market sold off on the macro concerns that started Friday afternoon,” Walter Todd, who oversees about $990 million as chief investment officer of Greenwood Capital Associates LLC in Greenwood, South Carolina, said by phone. “This is clearly a snapback or relief rally now on action overnight with Putin’s press conference.”

Read more: http://www.bloomberg.com/news/2014-03-04/u-s-stock-index-futures-climb-as-ukraine-tension-eases.html

[elleng]

1. This is a good thing because

I just ordered a crib for my grandson, to be born in July, and I can't afford to shrink my portfolio too much these days! (already have 1 new grandson, using first crib I bought recently.)

Life is expensive!!!

[bigdarryl]

2. And the rethugs heads explode on the good news

[blackspade]

3. Headline should be: 1% exert influence to preserve their wealth and power.

[Iliyah]

4. Kool heads