Stocks climbed, while bonds fell with the dollar as speculation that geopolitical tensions could be easing overshadowed data showing inflation is still running hot.
The equity market halted a three-day drop as Russian President Vladimir Putin said he hopes for a diplomatic solution to tensions with the U.S. and its allies and announced a partial pullback of thousands of troops massed near the Ukrainian border. Meantime, President Joe Biden said it remains possible that Russia will invade Ukraine, and noted the U.S. hasn’t yet verified Moscow’s claims that it has withdrawn some forces. Tech shares led gains in the S&P 500, while energy producers joined a slump in oil. Treasury 10-year yields topped 2%. Gold, the Japanese yen and the Swiss franc fell.