Stocks rallied Tuesday to reverse Monday's losses after Russian
troops retreated from their offensive positions in Crimea, calming
immediate global worries about a possible Russian invasion of
Ukraine. Investors poured back into equities in the U.S. and
Europe, chasing the S&P 500 to another record high and the Dow
Industrials up by more than 200 points.
Safe-haven assets such as government bonds and precious metals
gave back yesterday's gains, while
fell as the likelihood for a disruption in supply was alleviated
once tensions between Russia and the West eased.
In corporate news, shares of Radio Shack (
) fell by as much as 23% when the beleaguered retailer announced
disappointing earnings and plans to shutter 1,100 stores. Delta Air
) hit a seven year high on increased Trans-Atlantic traffic, while
alternative energy stocks such as Plug Power (
) and Ballard Power Systems (
) soared amid rising energy prices and optimism surrounding
increased corporate interest in alternative fuel technology.
Wednesday should begin with more downbeat news on the economy
starting with ADP private payrolls, expected to increase by only
150,000 in February following a 175,000 gain the month prior.
Also, The Institute for Supply Management non-manufacturing
index is expected to fall back slightly to 53.0 last month from
54.0 in January.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 227 points (+1.4%) to
S&P 500 was up 28 points (+1.5%) to 1,873
Nasdaq Composite Index was up 74 points (+1.8%) to 4,351
FTSE 100 was up 1.72%
Nikkei 225 was up 0.47%
Hang Seng Index was up 0.70%
Shanghai China Composite Index was down 0.18%
MLNK Reported margin improvement and operating income
JCP S&P raises outlook to Stable from Negative
INSY Beats Q4 earnings estimates, announces stock split
OXBT U.S. FDA lifted its clinical hold on Oxycyte
BLRX Priced 8.4 million ADRs at $2.50 each, a 14% discount to
Monday's closing price
DNDN Downgraded by Berstein to Market Perform from
FST Motley Fool raises doubts about company's decision to drill
in Eagle Ford