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Stocks surge as tensions ease in Ukraine

Stocks surge as tensions ease in Ukraine

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Stocks are moving sharply higher in early trading as Russia appeared to soften its position in Ukraine.

The early gains put the Standard & Poor's 500 index back in record territory following a slump the day before.

Bond prices and gold declined as traders moved money out of safe-play assets. Oil prices also fell.

Traders were relieved that Russian President Vladimir Putin ordered troops participating in military exercises near Ukraine to return to their bases.

The S&P 500 index rose 20 points, or 1.1 percent, to 1,864 in early trading Tuesday.

The Dow Jones industrial average rose 171 points, or 1.1 percent, to 16,339. The Nasdaq composite rose 55 points, or 1.3 percent, to 4,332.

The yield on the 10-year Treasury note rose to 2.65 percent from 2.60 percent.

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