Stocks jumped on Friday, with benchmark indexes turning higher for the week, on signals of reduced tensions in the Russia-Ukraine crisis and as Wall Street viewed U.S. military strikes in Iraq as limited. The Dow Jones Industrial Average closed unofficially 185 points, or 1.1 percent higher, the S&P 500 rose 22 points and the Nasdaq added 36 points. Reuters, citing Russia's Interfax news agency, reported that Moscow had ended military exercises near the Ukrainian border. There was also relief among investors that the U.S. military strike against insurgents in Iraq would be limited. "Iraq is a tragedy, but the president made clear our engagement is going to be limited," said David Kelly, chief market strategist at J.P. Morgan Funds."We've been in a corrective mode over the last two weeks, but I don't think the geopolitical risks have become noticeably worse, and the earnings season, which should matter the most, has turned out to be good," said Kelly.
- Kate Gibson, CNBC.com
First published August 8 2014, 6:54 AM