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March 04, 2014 AT 4:13 AM
U.S. stock futures rallied Tuesday, putting the S&P 500 on course to return to record highs, as the easing of tensions in Ukraine sent global stock markets higher and assets seen as safe havens lower. European markets recovered most of what they lost in the previous session after Russia's defense minister ordered soldiers involved in combat-preparedness drills to return to their bases. About 90 minutes ahead of the open, Dow Jones Industrial Average futures rallied 170 points, or 1.1%, to 16318. On Monday, the Dow fell 154 points, but had been down as many as 250 points intraday, as an escalation of the Ukraine crisis spooked investors.