2014.03.1805:52:42UTC+00Wall Street soars on Ukraine tension, improved figures

The US shares advanced on Monday, with the S&P 500 leaping from its worst weekly fall in the past seven days, as worries alleviated over the situation in Crimean region, while economic data implied the economy had improved following a winter slowdown.

The 97% vote in Crimea, in favor of quitting Ukraine, was denounced as illegal by Kiev and the West, but the referendum ended without violence. As a result, the United States and European Union sanctioned Russian and Crimean officials involved in the seizure of Crimea. Russian President Vladimir Putin inked a decree which recognized the region as a sovereign state.

The geopolitical upheaval had counted on equities last week, with the S&P 500 dropped 2% and the CBOE Volatility index bounced to its highest since early February last Friday. Economically-sensitive sectors topped the way higher on Monday, with both technology and industrials climbed 1.3%. Google Inc. profited 1.6% to $1,192.10 while General Electric Co. increased 1.3% to $25.43.

The ascension continued a latest trend of investors using market pullbacks as buying opportunities.

Major indexes have not felt a suffered pullback in more than a year. The Dow Jones industrial average escalated 181.55 points or 1.13%, to 16,247.22. The S&P 500 rose 17.7 points or 0.96%, to 1,858.83. The Nasdaq Composite accrued 34.552 points or 0.81%, to 4,279.949.

The US Federal Reserve's large stimulus has helped keep a floor under equity prices, and market participants are looking forward to a two-day meeting of the Fed's policy-setting committee, which will start on Tuesday.

In the recent economic data, manufacturing output recorded its biggest increase in six months in February and factory activity in New York state enlarged early this month. In company news, Chinese e-commerce giant Alibaba Group Holding Ltd. said on Sunday it would start the process on a US initial public offering, concluding months of speculation. Yahoo Inc. shares, with 24% stake in the company, jumped 4% to $39.11, one of the top performers in the benchmark S&P index.

JA Solar Holdings Co. shares ascended 2.1% to $11.66 following the company reported its first profit in 10 quarters and predicted higher shipments for the year. Giant Investment Ltd. will obtain Chinese online gaming company Giant Interactive Group Inc. for $3 billion and make it private, the firms said on Sunday. Shares of Giant gained 1.7% to $11.59.

Intercept Pharmaceuticals Inc. dived 11.9% to $407.16. The firm said a test reflected the patients who took its experimental liver disease drug endured a greater number of heart-related problems than those who were only given a placebo. Volume was light, with around 5.21 billion shares listed on US exchanges, went below the 6.87 billion average so far this month, based on the BATS Global Markets data.

Advancing stocks surpassed descending ones on the NYSE by 2,182 to 818, while on the Nasdaq, advancers outmatched decliners 1,669 to 936.