U.S. Stocks Up on Ukraine Talks
U.S. stocks rose, with the Nasdaq Composite Index climbing to a 14-year high, as tensions eased over global conflicts. Dollar General Corp. rallied on merger activity.
Ukrainian Foreign Minister Pavlo Klimkin met his Russian counterpart Sergei Lavrov for more than five hours of talks in Berlin, as they sought to ease tension after officials in Kiev said troops had partially destroyed an armed convoy from Russia.
Iraqi and Kurdish forces retook control of the Mosul Dam, Iraqiya television reported, citing military spokesman Qassem Ata. The U.S. widened its airstrikes in Iraq at the weekend to help secure the dam near Mosul, Iraq’s largest northern city, after it was seized by Islamist militants.
“We’ve seen very good earnings, and geopolitical tensions are not as elevated at the moment,” Patrick Spencer, head of U.S. equity sales at Robert W. Baird & Co., said by phone.
The S&P 500 (SPX) fell as much as 3.9% from a record reached on July 24 amid growing concern over global conflicts from Ukraine to Gaza and Iraq.
Reports showed the euro area’s recovery stalled in the second quarter, spurring speculation the European Central Bank will boost stimulus measures.
Source: Bloomberg
