The Dow Jones Industrial Average was up 234.07 points, or 0.7%, at 35,180.53; the S&P 500 index was up 30.11 points, or 0.7%, at 4,605.65; and the Nasdaq Composite advanced 154.91 points, or 1.1%, to 14,507.67.
Moscow has decided to drastically reduce military activity around kyiv and northern Ukraine, while Ukraine has proposed to adopt a neutral status, but with international guarantees that it would be protected against attack.
The proposals raised risk sentiment, with European stocks rising and a More than 1% drop in gold prices to one-month lows. Brent crude prices fell $3 a barrel.
“It will boost optimism (in the stock markets) because it shows that both sides are talking and as a result that there will probably be some kind of conclusion in the short term,” said Sam Stovall of CFRA Research.
The CBOE volatility index, considered the index of fear on Wall Street, it fell to 19.30 points, its lowest level since mid-January.
Major market indexes fell off earlier highs as oil majors Exxon Mobil Corp and Chevron Corp fell more than 2%, while the broader S&P 500 energy index fell 2.3%.
The materials index, which includes mining and chemical companies, was down 0.4%.
Source: Ambito
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