Wall Street surges as easing geopolitical worries fuel broad rally

NEW YORK - Wall Street ended sharply higher on Tuesday, as signs of de-escalating tensions along the Russia-Ukraine border sparked a risk-on session.

All three major indexes notched solid advances on the day, with market leading tech and tech-adjacent stocks providing the biggest boost and putting the Nasdaq, which gained 2.5%, out front.

The Philadelphia SE Semiconductor index jumped 5.5% in its largest one-day percentage gain since March 2021.

Geopolitical heat was turned down a notch after Russia said it had withdrawn some of its troops near the Ukraine border, prompting bullish equities sentiment and causing crude prices to slide on easing supply concerns.

The announcement received guarded responses, and the United States and NATO said they had yet to see evidence of a drawdown.

Reuters