US and European shares rallied on Tuesday, while oil prices fell, after Russia said it had begun pulling some troops back to their bases, easing concerns that an attack against Ukraine was imminent.
The S&P 500 index advanced 1.6 per cent following a statement from Russia’s defence ministry, which said units from the country’s southern and western military districts were returning to base after the completion of drills.
The Nasdaq Composite index, which has heavy weightings of technology stocks that are sensitive to swings in market sentiment, rose 2.5 per cent.
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