U.S. stocks rallied on Tuesday, setting the S&P 500 up for yet another record high, after Russian President Vladimir Putin said that he saw no need to send forces into eastern Ukraine yet, helping stocks bounce back globally.
In his first public remarks since the ousting of former Ukraine President Viktor Yanukovych last month, Putin said he’d only send soldiers into eastern Ukraine in an extreme case, insisting that the presence of soldiers in the Ukrainian region of Crimea were only there to defend the Russian military installation on the peninsula that is home to its Black Sea Fleet.
Yanukovych asked Russia to send troops to protect ethnic Russians in his country, Putin told reporters today near Moscow. Russian troops sent on surprise military exercises in western and central Russia reportedly were ordered to return to their bases.
Within minutes of the closing bell in New York, the Dow Jones Industrial Average was up 240 points at 16,408, while the Nasdaq rose 78 points to 4,355, and the S&P 500 added 29 points to 1,875. The S&P 500 dropped 0.7% to 1,845.73 at the 4 p.m. market close in New York yesterday, on the back of Ukraine tensions, coming off a record close on Friday.
U.S. Secretary of State John Kerry arrived in the Ukrainian capital Kiev today as the U.S. and its European allies sought ways to increase economic and diplomatic pressure to deter Russian military escalation in Ukraine’s Crimea region. Kerry called the Russian moves in Crimea an “invasion” and urged Russia to talk to the Ukrainian government.
President of the European Council, Herman Van Rompuy, has also scheduled an extraordinary meeting for EU leaders on Thursday to discuss the situation in the country.
Equities slumped worldwide yesterday as the crisis over Ukraine escalated after Putin got parliamentary approval over the weekend to send troops into the country.
There was no U.S. economic data on the agenda Tuesday, with the rest of the week to yield the ADP employment report on Wednesday and the all-important monthly jobs report on Friday, among other reports such as a PMI services index, the ISM non-manufacturing index, jobless claims and consumer credit.
In corporate activity, RadioShack Corp. (NYSE:RSH), an electronics retailer, tumbled 17% after posting a much larger-than-expected loss in the fourth quarter, as well as revenue that was well below analyst forecasts. Same-store sales declined 19% during the quarter, and the company announced plans to cut about 1,100 underperforming U.S. stores.
AutoZone (NYSE:AZO) fell about 0.5% in the wake of its earnings report before the bell today, while Smith & Wesson (NASDAQ:SWHC) was last up 1.6% ahead of its earnings release after the close today.
Molycorp Inc. (NYSE:MCP), owner of the largest rare-earth deposit outside of China, fell over 3.6% after the company reported fourth-quarter revenue of $123.8 million, falling short of the $148.3 million estimated by analysts, because of lower-than-anticipated production.
In other news, Facebook Inc. (NASDAQ:FB), the world's largest social network, advanced 2% on reports the company may buy Titan Aerospace for $60 million, according to TechCrunch.
J.C. Penney (NYSE:JCP) was last up 5% after S&P raised its outlook for the retailer.
Tesla (NASDAQ:TSLA) also made headlines again today, last up 1.3% after announcing European expansion plans.
Zynga (NASDAQ:ZNGA) shares jumped after comments from its CEO Don Mattrick, who spoke at a Morgan Stanley tech conference Monday, announcing plans to launch pilot programs for its real-money poker game in various parts of the world later this year.
In commodities, gold for April delivery dropped 1.1% to trade at $1,336.10 an ounce on the Comex division of the New York Mercantile Exchange, while crude oil for April delivery fell 1.5% to finish at $103.33 a barrel. Oil prices slid on bets the threat to energy supplies from escalating tension in Ukraine’s Crimea region may be exaggerated. Reported by Proactive Investors 2 hours ago.
In his first public remarks since the ousting of former Ukraine President Viktor Yanukovych last month, Putin said he’d only send soldiers into eastern Ukraine in an extreme case, insisting that the presence of soldiers in the Ukrainian region of Crimea were only there to defend the Russian military installation on the peninsula that is home to its Black Sea Fleet.
Yanukovych asked Russia to send troops to protect ethnic Russians in his country, Putin told reporters today near Moscow. Russian troops sent on surprise military exercises in western and central Russia reportedly were ordered to return to their bases.
Within minutes of the closing bell in New York, the Dow Jones Industrial Average was up 240 points at 16,408, while the Nasdaq rose 78 points to 4,355, and the S&P 500 added 29 points to 1,875. The S&P 500 dropped 0.7% to 1,845.73 at the 4 p.m. market close in New York yesterday, on the back of Ukraine tensions, coming off a record close on Friday.
U.S. Secretary of State John Kerry arrived in the Ukrainian capital Kiev today as the U.S. and its European allies sought ways to increase economic and diplomatic pressure to deter Russian military escalation in Ukraine’s Crimea region. Kerry called the Russian moves in Crimea an “invasion” and urged Russia to talk to the Ukrainian government.
President of the European Council, Herman Van Rompuy, has also scheduled an extraordinary meeting for EU leaders on Thursday to discuss the situation in the country.
Equities slumped worldwide yesterday as the crisis over Ukraine escalated after Putin got parliamentary approval over the weekend to send troops into the country.
There was no U.S. economic data on the agenda Tuesday, with the rest of the week to yield the ADP employment report on Wednesday and the all-important monthly jobs report on Friday, among other reports such as a PMI services index, the ISM non-manufacturing index, jobless claims and consumer credit.
In corporate activity, RadioShack Corp. (NYSE:RSH), an electronics retailer, tumbled 17% after posting a much larger-than-expected loss in the fourth quarter, as well as revenue that was well below analyst forecasts. Same-store sales declined 19% during the quarter, and the company announced plans to cut about 1,100 underperforming U.S. stores.
AutoZone (NYSE:AZO) fell about 0.5% in the wake of its earnings report before the bell today, while Smith & Wesson (NASDAQ:SWHC) was last up 1.6% ahead of its earnings release after the close today.
Molycorp Inc. (NYSE:MCP), owner of the largest rare-earth deposit outside of China, fell over 3.6% after the company reported fourth-quarter revenue of $123.8 million, falling short of the $148.3 million estimated by analysts, because of lower-than-anticipated production.
In other news, Facebook Inc. (NASDAQ:FB), the world's largest social network, advanced 2% on reports the company may buy Titan Aerospace for $60 million, according to TechCrunch.
J.C. Penney (NYSE:JCP) was last up 5% after S&P raised its outlook for the retailer.
Tesla (NASDAQ:TSLA) also made headlines again today, last up 1.3% after announcing European expansion plans.
Zynga (NASDAQ:ZNGA) shares jumped after comments from its CEO Don Mattrick, who spoke at a Morgan Stanley tech conference Monday, announcing plans to launch pilot programs for its real-money poker game in various parts of the world later this year.
In commodities, gold for April delivery dropped 1.1% to trade at $1,336.10 an ounce on the Comex division of the New York Mercantile Exchange, while crude oil for April delivery fell 1.5% to finish at $103.33 a barrel. Oil prices slid on bets the threat to energy supplies from escalating tension in Ukraine’s Crimea region may be exaggerated. Reported by Proactive Investors 2 hours ago.