TIME Wall Street & Markets

Markets Rebound as Putin Dials Down Heat in Ukraine

Russia's President Vladimir Putin attends the opening ceremony of the Russian Pilgrims' House at the Jordanian side of the Jordan River
Ali Jarekji—Reuters

After stocks tumbled amid rising tensions Monday

Stock markets around the world rallied Tuesday as fears of impending violence in the ongoing crisis in Ukraine cooled slightly.

The Dow Jones Industrial Average rose 200 points, or 1.2 percent, after falling 154 points Monday. The index had at one point been down as much as 250 points in intraday trading as investors became skittish over the standoff in Ukraine. The S&P 500 climbed 23 points and the Nasdaq rose 68 points, but up more than one percent, on the news of eased tensions.

The rebound followed news that Russian President Vladimir Putin defended his decision Tuesday to send troops into Ukraine’s eastern Crimea region while insisting that military force would only be used when all other options had been exhausted.

“As for bringing in forces: For not there is no such need but such a possibility exists,” he said. “What could serve as a reason to use military force? It would naturally be the last resort, absolutely the last.”

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