US close: Dow reverses yesterday's losses

Wall Street stocks closed higher on Tuesday after word broke that Russia had pulled back a number of troops from the Ukrainian border.

At the close, the Dow Jones Industrial Average was up 1.22% at 34,988.84, while the S&P 500 was 1.58% stronger at 4,471.07 and the Nasdaq Composite saw out the session 2.53% firmer at 14,139.76.

The Dow closed 422.67 points higher on Tuesday, snapping a three-day losing streak and reversing losses recorded yesterday amid ongoing rate hike worries and fears of a possible imminent Russian invasion of Ukraine.

However, Moscow claimed early on Tuesday that it was pulling back some of the 100,000 troops amassed at Ukraine's border.

While Russia's defence ministry has consistently denied that it was planning an attack against its neighbour and was simply conducting training exercises, it has also been chasing a guarantee that Ukraine will not be allowed to join NATO.

Ukraine officials were still skeptical of the alleged de-escalation, stating they'll believe it "when we see the withdrawal."

Also in focus, bond yields were higher across the board, with investors abandoning safe-haven fixed income, as the benchmark 10-year Treasury note was yielding around 2.049% at the close of trading.

On the macro front, January's producer price index, which measures final-demand goods and services, increased 1% month-on-month, ahead of estimates for a print of 0.5%, while over the past 12 months, the gauge rose an unadjusted 9.7%. Excluding food, energy and trade services, the so-called core PPI increased 0.9% in January, easily beating estimates for a print of 0.4%.

Elsewhere, business activity was little changed in New York State, according to the February Empire State manufacturing survey, with the headline general business conditions index moving up four points to 3.1. New orders and shipments held steady, unfilled orders increased, delivery times continued to lengthen and labour market indicators pointed to a solid increase in employment and a longer average workweek.

In the corporate space, Marriott revealed the fourth-quarter earnings had doubled despite the emergence of the Covid-19 Omicron variant throughout the period.

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $214.09 3.80%
Boeing Co. (BA) $217.73 3.66%
American Express Co. (AXP) $197.98 2.93%
Nike Inc. (NKE) $145.54 2.82%
Walt Disney Co. (DIS) $154.72 2.57%
Apple Inc. (AAPL) $172.79 2.32%
Cisco Systems Inc. (CSCO) $54.27 2.05%
Walgreens Boots Alliance, Inc. (WBA) $48.30 1.98%
Microsoft Corp. (MSFT) $300.47 1.85%
Intel Corp. (INTC) $48.44 1.81%

Dow Jones - Fallers

Chevron Corp. (CVX) $134.26 -1.76%
3M Co. (MMM) $157.34 -0.42%
International Business Machines Corporation (CDI) (IBM) $129.93 -0.16%
Amgen Inc. (AMGN) $223.94 -0.15%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Procter & Gamble Co. (PG) $156.82 0.05%
McDonald's Corp. (MCD) $253.91 0.17%
Verizon Communications Inc. (VZ) $53.38 0.17%
Walmart Inc. (WMT) $134.37 0.31%

S&P 500 - Risers

Nvidia Corp. (NVDA) $264.95 9.18%
American Airlines Group (AAL) $18.84 8.09%
Henry Schein Inc. (HSIC) $81.84 7.98%
United Airlines Holdings Inc (UAL) $50.48 7.56%
Expedia Group Inc. (EXPE) $211.93 7.49%
Vornado Realty Trust (VNO) $43.59 6.95%
Norwegian Cruise Line Holdings Ltd (NCLH) $22.55 6.92%
Micron Technology Inc. (MU) $96.00 6.83%
Carnival Corp. (CCL) $22.78 6.65%
Lam Research Corp. (LRCX) $593.82 6.37%

S&P 500 - Fallers

Fidelity National Information Services Inc. (FIS) $102.85 -7.76%
Ipg Photonics Corp. (IPGP) $137.55 -6.22%
Constellation Brands Inc. Class A (STZ) $219.55 -6.12%
IQVIA Holdings Inc. (IQV) $228.31 -4.69%
Occidental Petroleum Corp. (OXY) $39.85 -3.35%
Marathon Oil Corp. (MRO) $20.54 -3.16%
Laboratory Corporation of America Holdings (LH) $264.69 -2.96%
Phillips 66 Common Stock (PSX) $88.43 -2.32%
Eog Resources Inc. (EOG) $110.90 -2.21%
Pioneer Natural Resources Co. (PXD) $219.18 -2.17%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $264.95 9.18%
American Airlines Group (AAL) $18.84 8.09%
Henry Schein Inc. (HSIC) $81.84 7.98%
Expedia Group Inc. (EXPE) $211.93 7.49%
Micron Technology Inc. (MU) $96.00 6.83%
Lam Research Corp. (LRCX) $593.82 6.37%
KLA-Tencor Corp. (KLAC) $387.50 6.12%
Applied Materials Inc. (AMAT) $139.84 6.05%
Marriott International - Class A (MAR) $181.20 5.76%
Western Digital Corp. (WDC) $55.87 5.69%

Nasdaq 100 - Fallers

NortonLifeLock Inc. (NLOK) $29.15 -1.12%
Fiserv Inc. (FISV) $97.07 -0.84%
Mondelez International Inc. (MDLZ) $65.87 -0.41%
Intuit Inc. (INTU) $527.78 -0.24%
Amgen Inc. (AMGN) $223.94 -0.15%
Celgene Corp. (CELG) $108.24 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $182.50 0.00%
Mylan Inc. (MYL) $0.00 0.00%
Xilinx Inc. (XLNX) $194.92 0.00%
Maxim Integrated Products Inc. (MXIM) $103.14 0.00%