S&P 500 rebounds to record from big loss after Putin lowers heat on Ukraine crisis - The Buffalo News

Share this article

print logo

S&P 500 rebounds to record from big loss after Putin lowers heat on Ukraine crisis

U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding to a record after its biggest loss in a month, as comments from Russian President Vladimir Putin signaled the Ukraine crisis won’t immediately escalate.

Qualcomm Inc. gained 3.4 percent after raising its dividend and boosting its buyback plan. Abercrombie & Fitch Co. advanced 6.7 percent after Credit Suisse Group AG lifted its rating on the teen-apparel retailer. RadioShack Corp. plunged 17 percent after sales missed analysts’ estimates.

The S&P 500 jumped 1.5 percent, its largest gain this year, to an all-time high of 1,873.91. The Dow Jones industrial average advanced 227.85 points, or 1.4 percent, to 16,395.88. The Nasdaq Composite Index climbed to the highest since April 2000 and the Russell 2000 Index advanced the most in a year. About 7.7 billion shares changed hands on U.S. exchanges, 17 percent higher than the 30-day average.

“On a very short-term basis, everything you’ve seen in the market has everything to do with the Ukraine,” Kevin Caron, a market strategist at Stifel Nicolaus & Co., which oversees about $160 billion.

“But over last 2 weeks, the market has moved higher with the exception of yesterday. The bet has been made that the economy continues to expand and most of the disruption we’ve seen has been from the weather.”

Stocks rallied Tuesday after Putin said he’s not considering taking control of Crimea and would send in troops to Ukraine only in an extreme case.

The Labor Department will release its February jobs report on Friday. Economists estimate employers increased the pace of hiring to 150,000 workers after adding 113,000 in January, according to a Bloomberg survey.

Stocks are set to enter the sixth year of a bull market that started March 9, 2009. Three rounds of stimulus have helped push the S&P 500 up 177 percent from a 12-year low.

All 10 main industries in the S&P 500 advanced at least 0.8 percent. Health care and financial shares rose at least 1.9 percent to lead gains. American Express Co. jumped 2.9 percent to $92.61 for the biggest advance in the Dow. Pfizer Inc. gained 2.2 percent to $32.69, the highest since 2004.

Facebook Inc. climbed 2.1 percent to $68.80, snapping a five-day streak of declines.

The social-network site owner may buy Titan Aerospace for $60 million, according to TechCrunch, which cited an unidentified person with access to information about the deal.

Qualcomm jumped 3.4 percent to $76.11. The biggest provider of mobile-phone chips boosted its quarterly dividend by 20 percent to 42 cents a share, while giving itself leeway to buy back an additional $5 billion in shares.

There are no comments - be the first to comment