Stocks rally as tensions ease in Ukraine

Published on NewsOK Modified: March 4, 2014 at 4:40 pm •  Published: March 4, 2014
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"I think the reaction today is probably more hopeful than rational," said Brad McMillan, Chief Investment Officer for Commonwealth Financial.

McMillan noted that Putin made his point with Ukraine just a week after the Sochi Olympics ended. Hosting the Olympics was a way for Putin to show that Russia was open for business, but the conflict with Ukraine threw that away, McMillan said.

Stock markets in Europe, including Moscow, and Asia recouped much of Monday's losses. Indexes in France and Germany each rose 2.5 percent, and the FTSE 100 in Britain rose 1.7 percent.

The gains were extraordinarily broad. Five stocks rose for every one that fell on the New York Stock Exchange. All 10 industry sectors in the S&P 500 index rose.

Among stocks making big moves:

— RadioShack plunged 47 cents, or 17 percent, to close at $2.25 after reporting a wider quarterly loss. It also said it will close as many as 1,100 stores.

— Qualcomm rose $2.48, or 3 percent, to $76.11 after the chipmaker announced a 20 percent increase in its quarterly dividend and added $5 billion to its stock buyback program. Buybacks generally benefit shareholders because they increase the value of remaining shares.

— J.C. Penney Co. rose 33 cents, or 4 percent, to $8.29 after Standard & Poor's raised its outlook on the retailer's debt, saying Penney's performance "has begun to stabilize." Last week, Penney posted its first gain in two years at stores open at least a year.

— Delta Air Lines rose $1.86, or almost 6 percent, to $34.45 after reporting strong February domestic demand and passenger revenue.