- US stocks climb Tuesday following reports of progress in cease-fire talks between Russia and Ukraine.
- Russia has said it will ‘drastically’ reduce military action around Kyiv and around Ukraine’s second-largest city.
- Apple marked its longest win streak since 2003.
US stocks finished with gains Tuesday with prospects of a cease-fire between Russia and Ukraine growing following reports about progress in talks between the two countries.
The Dow Jones Industrial Average jumped over 300 points and locked in a fourth straight advance, helped partially by an 11-day win streak secured by Apple. Shares of the iPhone maker logged their longest string of advances since 2003 and erased year-to-date losses.
Stocks rose early in the session following a report by independent Russia news agency Interfax that Russia will “drastically” reduce its military action in the areas around Kyiv, the capital city of Ukraine, and around Chernihiv, the second-largest city in the country.
Meanwhile, Ukraine offered to never join NATO and remain neutral in exchange for significant security guarantees, Reuters reported.
“We’ve seen positive headlines like this in the past only to get walked back in the hours following, but given the heavy losses Russian troops have sustained, there is a stronger feeling that Russia has become increasingly eager for a way out of the war,” said Bespoke Investment Group in a note Tuesday.
Here’s where US indexes stood at 4:00 p.m. on Tuesday:
For its part, Russia’s move could “increase mutual trust and create conditions required for further negotiations,” Russian Deputy Defense Minister Col. Gen. Alexander Fomin told reporters from peace talks in Turkey, according to Interfax.
The yield on the 2-year Treasury note rose above the 10-year yield for the first time since 2019, with such a move widely considered a good leading indicator that the economy is set to shrink. JPMorgan’s quant guru Marko Kolanovic said this week an inverted yield curve and a hawkish Fed warrant caution but a recession is still unlikely.
MicroStrategy is continuing to buy bitcoin, with a unit of the enterprise software company taking out a $205 million loan to buy more of the digital currency.
Ryan Cohen’s investment in GameStop has scored gains worth about $600 million in about a week as the stock notched its longest win streak in more than a decade.
Oil prices dropped. West Texas Intermediate crude lost 7.1% to $101.56 per barrel. Brent crude, the international benchmark, edged up 0.2% to $107.96.
Gold prices dropped 1.2% to $1,916 per ounce.
The 10-year yield shed 5 basis points to 2.41%.
Bitcoin fell 0.6% to $47,678.26.