US stocks rallied on Tuesday, with the S&P 500 at a record high, as fears of a confrontation between Russia and Ukraine eased and Russian President Vladimir Putin said there was no need to use military force in the Crimea region for now.
Investors' flight to safety was reversed on Tuesday, with global stocks higher while gold, the Japanese yen and Treasuries prices fell. Crude oil prices, up more than 2 per cent on Monday on Russia's standing as top exporter, reversed some of last session's gain.
The Dow Jones industrial average .DJI rose 192.01 points or 1.19 per cent, to 16,360.04, the S&P 500 .SPX gained 24.33 points or 1.32 per cent, to 1,870.06 and the Nasdaq Composite .IXIC added 71.772 points or 1.68 per cent, to 4,349.073.
The S&P hit an intraday record of 1,871.44 while the Nasdaq Composite touched a 14-year high.
