Markets point sharply higher on Russia-Ukraine optimism

NEW YORK (AP) — U.S. markets are pointing sharply higher after Russia announced some troops would be returning to military bases, though it didn’t specifically say the troops pulling back were part of those amassed on the Ukraine border. Futures for the S&P 500 jumped 1.5% while Dow futures rose 1.2%. Markets in Europe rose as well following mostly declines in Asia. Benchmark U.S. crude, up almost 15% since satellite imagery in November showed a significant build-up of Russian troops along the Ukraine border, lost $3.02 to $92.44 a barrel on the New York Mercantile Exchange. Russia is a major energy producer and military action that disrupts supplies could jolt markets and global industries.