Stocks rally, oil slips as Ukraine tension eases

March 05, 2014 - 12:53:36 am

A share trader wearing a Guy Fawkes mask and carnival costume works at the stock exchange yesterday in Frankfurt. Frankfurt traders follow a long tradition by wearing carnival costumes to work on Shrove Tuesday.

NEW YORK: Stocks and other risky investments, including battered Russian assets, rallied yesterday after Russian President Vladimir Putin said he saw no need to use military force in Crimea for now, remarks investors saw as intended to ease tensions over Ukraine. 

The rouble rose 1.2 percent to 36.05 to the dollar as Russian stocks jumped 5.3 percent, recouping almost half of the previous day’s losses. 

As investors moved back into stocks, they unwound safe-haven positions in gold, yen and US and German government debt. 

April Brent crude fell $2.09 to $109.11 a barrel by 18.49GMT. The European benchmark ended the previous session at its highest close this year. US crude for April delivery fell as much as $2.07, after rising to $105.22 on Monday, the highest level since September 19. It was last trading $1.82 cents lower at $103.10 a barrel.

European stocks also rose, with the pan-European FTSEurofirst 300 index closing at 1,344.83, up two 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 1.2 percent to 410.05.

The Dow Jones industrial average  jumped 218.11 points, or 1.35 percent, the S&P 500 gained 26.21 points, or 1.42 percent and the Nasdaq Composite added 75.689 points, or 1.77 percent.

Reuters

comments powered by Disqus