U.S. stocks rallied as Putin assured investors and the public around the world that the Ukraine situation will not escalate. “Stocks rallied today after Putin said he’s not considering taking control of Crimea and would send in troops to Ukraine only in an extreme case.” (Bloomberg)
Positive economic data was released as data showed manufacturing in February increased, which is projecting a possible growth in the economy and the manufacturing sector.
Oil prices also fell as the immediate threat of economic sanctions on Russia, a major oil exporter, eased. Traders had also been worried about transportation disruptions in the Black Sea, a major transit point for oil.
Crude Oil dropped dropped 1.5% to $103.33 a barrel, Brent Oil fell $1.90 to $109.30 a barrel.
Gold for April delivery fell $12.40, or 0.9 percent, to $1,337.90 an ounce on Tuesday.
The Dow Jones Industrial Average closed 1.41% higher at 16,395.76 while the S&P 500 was up 1.53% to a record 1,873.89. The Nasdaq gained 1.75% to 4,351.97.