NEW YORK: Wall Street stocks jumped early Tuesday on signs of progress in peace talks between Ukraine and Russia as oil prices continued to retreat.
Russia said it would scale down military activity around Kyiv following a “meaningful” dialogue in Istanbul, and Ukrainian negotiator David Arakhamia said there were now “sufficient” conditions for a direct meeting between Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin.
The developments boosted hopes of a resolution to the more than month-long attack on Ukraine by Russia, which has prompted international condemnation and sanctions.
Oil prices – which sprinted to multi-year peaks soon after the invasion on worries over lost Russian supply – retreated again.
US stocks mixed as markets monitor Ukraine talks
About 15 minutes into trading, the Dow Jones Industrial Average stood at 35,272.62, up 0.9 percent.
The broad-based S&P 500 climbed 0.7 percent to 4,607.75, while the tech-rich Nasdaq Composite Index advanced 1.1 percent to 14,515.92.
Among individual companies, Fedex rose 4.3 percent as it announced that founder Frederick Smith would exit as chief executive in June, handing the post to Chief Operating Officer Raj Subramaniam.
Nielsen Holdings surged 21.5 percent following an announcement that it agreed to be acquired by a consortium of institutional investors led by Evergreen Coast Capital and Brookfield Business Partners for about $16 billion.
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