Mar 4 - Summary: Wall St advances in biggest move of the year in a sign of investor relief over easing tensions between Russia and Ukraine; Dish, Disney in landmark deal; Obama delivers $3.9 trillion budget. Conway G. Gittens reports.
Wall Street was fired up after Russian President Vladimir Putin said there was no need to use military in the Crimea for now, and ordered troops back to their bases. The S&P 500 surged to a record close with all three major indices having their best gains of the year. After Monday's flight to safety, investors took a u-turn, sending gold, the Japanese yen, U.S. Treasuries and crude oil lower and global stocks higher. But there are some analysts who think the market is running too far ahead of the economy. Others like Sam Stovall, chief equity strategist at S&P Capital IQ, are looking to the data for the markets' next move. SOUNDBITE: SAM STOVALL, CHIEF EQUITY STRATEGIST, S&P CAPITAL IQ, (ENGLISH) SPEAKING: "What we're going to be seeing in the couple of weeks is whether the economic growth is still weather influenced and if we do start to find that this economic data is coming a little better than expected, because the weather impact has been removed, then we probably could see the markets again have reasons to work their way higher and approach the 1900 level on the S&P 500." In corporate headlines: Dish Network customers are close to getting their TV fix on smartphones, tablets, and computers. The satellite TV company just signed a deal with Disney to offer channels like ABC and ESPN over the Internet in a landmark deal. Investors loved it, sending both stocks higher. RadioShack is closing up to 1,100 stores in the United States after a huge drop in sales over the holidays. Shares tumbled more than 17 percent. Qualcomm hiked its share buyback by $5 billion and boosted its cash dividend by 20 percent. That was enough to send shares of the mobile phone chip maker - up by over 3 percent. U.S. President Barack Obama presented his $3.9 trillion budget proposal for 2015. In it: new tax credits and job-training programs for workers, which immediately set Republicans on fire. They dismissed the document as an election-year campaign pitch. In Europe, stocks recovered all or most of the declines suffered the day before on hopes Russia will back down.