Wall Street surges as Ukraine fears ease

US stocks erase previous session's losses, S&P 500 inks fresh record closing high.

United States have closed sharply higher after an upbeat session that was buoyed by comments from Russian President Vladimir Putin that led investors to look beyond the political crisis in Ukraine.

With the threat of war seemingly fading, major European markets rose significantly, while Wall Street climbed high enough for two new records to be set.

The gains saw Monday's losses completely wiped out.

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