Stocks surge as tensions ease in Ukraine

Markets climbed despite standoff overseas.

ASSOCIATED PRESS

Markets climbed despite standoff overseas.

NEW YORK -- Stocks surged Tuesday after Russia pulled its troops back from the border of Ukraine.

The Dow Jones industrial average jumped 227 points, or 1.4 percent, to close at 16,395.

The Standard & Poor’s 500 index set another record high following a slump the day before. The S&P 500 rose 28 points, or 1.5 percent, to 1,873. The Nasdaq composite rose 74 points, or 1.8 percent, to 4,351.

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

Small-company stocks rose even more than the rest of the market as investors moved money into riskier assets. That shift also pushed the prices of bonds and gold lower.

The yield on the 10-year Treasury note rose to 2.70 percent.