Dow Jumps 300 Points, Oil Prices Fall After Ukraine-Russia Ceasefire Talks—But War Still Poses ‘Unsettling’ Risk For Stocks

The stock market climbed for a fourth-straight day Tuesday morning as promising geopolitical developments helped bolster investor sentiment and drive gains in recently struggling technology stocks, but some experts warn the recovery could be short-lived if signs of escalating conflict between Russia and Ukraine arise again.... [+]The Dow Jones Industrial Average climbed 350 points, or 0.8%, to 35,304 on Tuesday morning, while the S&P 500 and tech-heavy Nasdaq jumped 0.8% and 1.

A slew of travel and leisure stocks headed up the market Tuesday morning, with Norwegian Cruise Line, Delta Air Lines and United Airlines up more than 3% apiece. In a morning note, market analyst Tom Essaye of The Sevens Report attributed the gains to progress in ceasefire talks between Russia and Ukraine, with Moscow officialsearly Tuesday they would"drastically reduce" military activity near the cities of Kyiv and Chernihiv “in order to increase mutual trust and create the necessary conditions for further negotiations.”

The promising development helped boost risky tech stocks in particular, Essaye noted, as Chinese ecommerce giant JD.com surged nearly 8%, while NXP Semiconductors and Zoom Video Communications jumped about 3% apiece. Also reflecting the shifting sentiment, oil prices plummeted Tuesday morning after reports of the ceasefire talks, with the price of U.S. benchmark West Texas Intermediate falling nearly 6% to less than $100 for the first time in almost two weeks, continuing a decline that's pushed prices down about 20% from a 13-year high earlier this month.

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