Money and Markets

US stocks rise on optimism over cease-fire talks between Russia and Ukraine

Business Insider US
A traders works on the floor of the New York Stock Exchange. Photo by Spencer Platt/Getty Images
A traders works on the floor of the New York Stock Exchange. Photo by Spencer Platt/Getty Images
  • US stocks jumped following reports about a potential de-escalation by Russia in its war against Ukraine. 
  • Russia will "drastically" reduce military action around the capital city of Kyiv. 
  • The Dow Jones Industrial Average was on track for a fourth straight win. 
  • For more stories go to www.BusinessInsider.co.za.

US stocks pushed higher on Tuesday following reports of progress in peace talks between Russia and Ukraine. 

Wall Street's major equity benchmarks extended gains during the premarket session following an Interfax report that Russia will "drastically" reduce its military action in the areas around Kyiv, the capital city of Ukraine, and around Chernihiv, a city in northern Ukraine. 

The move by Russia could "increase mutual trust and create conditions required for further negotiations," Russian Deputy Defence Minister Colonel-General Alexander Fomin told reporters, according to the report. 

Here's where US indexes stood at 9:30am on Tuesday:   

Moves across financial markets were swift following the Interfax report and reports from other news agencies pointing to a constructive tone coming from Russia and Ukraine. European equities moved higher, with the Stoxx Europe 600 up by nearly 2%. The Russian ruble spiked up against the US dollar, leaving the greenback to slide 12% to 83.88 rubles. 

The Dow Jones Industrial Average was looking at a fourth straight win. Component Apple was heading toward its 11th consecutive win. 

Oil prices dropped. West Texas Intermediate crude lost 5.9% to $99.76 per barrel. Brent crude, the international benchmark, declined 5.7% to $103.21.

Gold prices fell 1.6% to $1,953 per ounce.

The 10-year yield slipped to 2.46%.

Bitcoin moved higher by 2.4% to $47,860.24.

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