July 22, 2014
S&P 500 ends at a record; Ukraine-Russia tensions ease
US stocks rallied, with the S&P 500 closing at a record as concerns about a confrontation between Russia and Ukraine eased, and the market recovered more than all of the previous session's hefty losses.
President Vladimir Putin delivered a robust defense of Russia's actions in Crimea, saying he would use force in Ukraine only as a last resort. His comments relieved investors' fears that East-West tension over the former Soviet republic could lead to war.
The Dow Jones industrial average jumped 227.85 points or 1.41 percent, to end at 16,395.88. The S&P 500 gained 28.18 points or 1.53 percent, to finish at 1,873.91. The Nasdaq Composite climbed 74.671 points or 1.75 percent, to close at 4,351.972.
European stocks also rose, with the pan-European FTSEurofirst 300 index closing at 1,344.83, up 2 percent, making up more than half of Monday's drop and staging its biggest one-day gain in nine months.
MSCI's all-country world stocks index, which tracks stocks in 45 countries, rose 1.3 percent to 410.15, wiping out Monday's drop and reaching its highest level since late 2007.
In currency markets, the euro gained 0.8 percent against the yen, to 140.459 yen, and held steady versus the dollar at $1.3737. It recovered against the Swiss franc, another safe-haven currency, up 0.5 percent at 1.2188 francs.
Gold, another traditional safe haven, fell after rallying nearly 2 percent on Monday. Spot prices on the precious metal were last down 1 percent at $1,335.98 an ounce.
Brent crude finished down $1.90, or 1.71 percent, at $109.30 per barrel, while
US oil futures settled down $1.59, or 1.52 percent, at $103.33 a barrel.