Wall Street ended on a positive note on Tuesday with signs of de-escalating tensions along the Russia-Ukraine border.

All three major indexes notched solid advances on the day, with market leading tech and tech-adjacent stocks providing the biggest boost and putting the Nasdaq, which gained 2.5%, out front.

The Philadelphia SE Semiconductor index (.SOX) jumped 5.5% in its largest one-day percentage gain since March 2021.

Stocks briefly pared gains late in the session, when U.S. President Joe Biden said that while diplomatic efforts are ongoing.

The CBOE market volatility index (.VIX) backed down from a three-week high.

The market has now priced in better than even odds that the central bank will raise the Fed funds target rate by 50 basis points at its March monetary policy meeting.

Asian shares rallied on Wednesday as Ukraine crisis seemed to ease, giving investors a measure of relief.
-Reuters