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March 04, 2014 AT 1:33 PM
Relieved investors sent stocks sharply higher on Tuesday after Russia pulled troops back from the border of Ukraine. The rally pushed the Standard & Poor's 500 index to an all-time high, erasing steep losses from Monday, when investors feared that the confrontation between Russia and Ukraine would escalate or even lead to a war. Traders were relieved when Russian President Vladimir Putin ordered troops participating in military exercises near Ukraine to return to their bases. The S&P 500 rose 28.18 points, or 1.53 percent, to close at 1,873.91. It was the biggest gain for the benchmark index since October.