FILE - This Aug. 9, 2011 photo shows a Wall Street street sign near the New York Stock Exchange, in New York. U.S. stocks are opening slightly higher Friday, Aug. 8, 2014 as investors weigh gains in productivity against worsening geopolitical concerns. (AP Photo/Mark Lennihan, File)The Associated Press
NEW YORK – U.S. stocks are closing higher as investors were relieved by reports of easing tensions between Ukraine and Russia.
News reports said Russia had ended military exercises near Ukraine.
The Dow Jones industrial average rose 185 points, or 1.1 percent, to close at 16,553 Friday.
The Standard & Poor's 500 index rose 22 points, or 1.2 percent, to 1,931. The Nasdaq composite rose 35 points, or 0.8 percent, to 4,370.
The gain in the S&P 500 was the biggest since Feb. 7 and turned the index higher for the week.
Lululemon rose 3 percent after the company's founder agreed to sell half his stake as part of a deal to avert a battle for control.
Bond prices fell. The yield on the 10-year Treasury note edged up to 2.42 percent.