Stocks rebound as Ukraine optimism overshadows Iraq concern

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.

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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.

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