Stocks Soar On Reports Russia Pulled Some Troops From Ukrainian Border

Plus 5 New Strong Buys for Today Stocks Soar On Reports Russia Pulled Some Troops From Ukrainian Border [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Soar On Reports Russia Pulled Some Troops From Ukrainian Border [Stocks Soar On Reports Russia Pulled Some Troops From Ukrainian Border]Image: Bigstock Stocks soared yesterday with all of the indexes finishing sharply higher, and rallying into the close. The markets were up from the opening bell on reports that Russia had sent some of their troops back to their permanent bases. And there are reports that others could follow as they complete their military drills. There's still more than 100,000 Russian troops on the Ukrainian border. And Russia is continuing its military exercises in Belarus. But reports of a pullback by some troops sent stocks soaring. Yesterday afternoon, the President gave a press conference and said the U.S. had "not verified" that Russia has pulled any of their troops from the border. And said that an invasion "remains distinctly possible." But held out hope that a diplomatic solution could be reached. The markets pulled back from their intraday highs when he spoke. But afterwards, stocks resumed their climb higher and made even higher highs into the close. In other news, the Producer Price Index rose more than expected, up 1.0% m/m and 9.7% y/y vs. views for 0.5% and 9.2% respectively. This comes on the heels of last week's Consumer Price Index which showed inflation up 7.5% vs. the consensus for 7.2%, and putting it at a 40-year high. For the record, the PPI report, ex-food & energy, was up 0.8% m/m and 8.3% y/y. And ex-food, energy & trade services, it was up 0.9% m/m and 6.9% y/y. The Empire State Manufacturing Index was up, coming in at 3.1 vs. last month's -0.7. Although, it was under the consensus for 10.0. And the Redbook report showed same store retail sales jumped to a 15.4% y/y gain vs. last week's pace of 13.3%. Today we've got a full docket with MBA Mortgage Applications, the Housing Market Index, Retail Sales, Import and Export Prices, Industrial Production, Business Inventories, and the Atlanta Fed Business Inflation Expectations. And we'll also get the FOMC minutes from the Fed’s January FOMC meeting. Should be a busy day. And of course, we'll see if yesterday's rally has legs and can add to their gains. While inflation, uncertainty over the size of the Fed's expected rate hike, and the threat of war between Russia and Ukraine are negatives, there's plenty of positives in the market right now, including the strength of the economy and the labor market, record corporate profits, falling Omicron cases, and the lifting of Covid restrictions. And with the positives looking stronger than the negatives, it looks like there's a lot more upside to go for both the economy and the market. So make sure you're taking full advantage of it. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Tesla's Top-Secret Test Drive]( A Tesla Model S equipped with a strange device was spotted on a test drive. It's key to an $809 billion market revolution, and one tiny tech company's patented device is the only way to make it possible. [Get the details.]( Most Popular Articles from Zacks.com [3 Defensive Stocks Breaking Out to New 52-Week Highs]( We focus on three staple stocks that have shown immunity to the volatility and are trading at or near their 52-week highs. [Read More »]( [5 Must-Buy Stocks Ahead of Q4 Earnings Results This Week]( Each of these stocks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy) and has a positive Earnings ESP. 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