Wall Street jumps after Russia says it’s withdrawing some troops

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Wall Street’s Russia-Ukraine fears eased on Tuesday after Russia announced that it is withdrawing some troops following the completion of recent drills near Ukraine, CNN reported.

The Dow jumped about 280 points, or 0.8 per cent, the S&P 500 surged 1 per cent while Nasdaq was 1.5 per cent higher.

Investors have been concerned that an armed Russian conflict with Ukraine could badly damage the global economy. A war could send prices surging in regions that have already been struggling with rapidly rising inflation, especially as energy supplies could be disrupted in the middle of a conflict. Russia is a major exporter of oil and particularly natural gas, the report said.

US oil futures tumbled about 3.5 per cent, despite the fact that Russia stressed on Tuesday that major military exercises would continue.

The market reaction to signs of potential de-escalation is the latest example of investors hanging on nearly every headline emerging from the crisis, CNN reported.

The Dow and S&P 500 have declined three days in a row, including a drop on Monday that came after the State Department announced the closure of the US Embassy in Kyiv.

US oil prices jumped above $95 a barrel on Monday for the first time since 2014 on concerns about the Russia-Ukraine conflict. However, crude reversed its course on Tuesday morning, falling to $92 a barrel, the report said.

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