NEW YORK – U.S. stocks rebounded, with the Standard & Poor’s 500 Index erasing declines for the week, as signs tensions are easing in Ukraine outweighed concern over crises in the Middle East.
The S&P 500 added 0.9 percent to 1,926.69 at 1:29 p.m. in New York, after closing on Tuesday below its average price for the past 100 days.
Equity futures jumped earlier on Friday after RIA Novosti reported that Russia seeks a de-escalation of the conflict in Ukraine. Stocks extended gains in the afternoon as Interfax said military exercises near the Ukraine border are over, citing Russia’s defense ministry.
The S&P 500 has dropped 3.1 percent from a record on July 24 as Russia amassed troops along Ukraine’s border and as conflict escalated between Israel and Hamas. The index fell 0.6 percent on Tuesday, closing below its 100-day moving average for the first time since April. The Dow Jones Industrial Average has bounced back after touching its average price in the past 200 days on Tuesday.
Futures had retreated earlier Friday as President Barack Obama approved air strikes in Iraq, and rocket attacks marked the end of a cease-fire between Israel and Hamas.