Global stocks are surging as Russia softens its stance in Ukraine.
The Dow Jones industrial average jumped 200 points, or 1.2 percent, to 16,367 in the first hour of trading.
The Standard & Poor's 500 index moved back into record territory following a slump the day before. The S&P 500 rose 23 points, or 1.3 percent, to 1,869.
Traders were relieved that Russian President Vladimir Putin ordered troops participating in military exercises near Ukraine to return to their bases.
Bond prices and gold declined as traders moved money out of safe-play assets. Oil prices fell as the threat of sanctions against Russia eased.
European markets also moved sharply higher. Benchmark indexes rose 2 percent in Germany and France.
The yield on the 10-year Treasury note rose to 2.65 percent.