Ukraine Peace Talks Lift US, European Markets

US markets closed higher on Tuesday, joining European equities in cheering progress in peace talks between Russia and Ukraine, while oil prices retreated again.

Both sides of the conflict pointed to headway in the negotiations held in Turkey, with Ukrainian President Volodymyr Zelensky alluding to "positive" signals, while adding that Kyiv would not "decrease our defence efforts."

US Pentagon spokesman John Kirby said Russia was "repositioning" a small number of its forces near Kyiv, adding, "we're not prepared to call this a retreat or even a withdrawal."

The headlines on Ukraine were "a good catalyst to push things higher," said Tom Cahill of Ventura Wealth Management.

The Dow Jones Industrial Average finished up 1.0 percent at 35,294.

The S&P 500 climbed 1.2 percent to 4,631, while the Nasdaq Composite Index gained 1.8 percent to 14,619.

The gains came after the Conference Board reported a modest uptick in consumer confidence in March, as Americans' views of the economy improved, even as their outlook for the future grew increasingly grim.

Among individual companies, FedEx rose 3.7 percent as it announced that founder Frederick Smith would exit as chief executive in June, handing the post to Chief Operating Officer Raj Subramaniam.

Nielsen Holdings surged 20.3 percent following an announcement that it agreed to be acquired by a consortium of institutional investors led by Evergreen Coast Capital and Brookfield Business Partners for about US$16 billion.

The peace talks also lifted European markets, with the FTSE 100 rising 0.9 percent to 7,537 in London, the DAX in Frankfurt rose 2.8 percent to 14,820 and the CAC 40 in Paris rose 3.1 percent. (AFP)