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Russia's President Vladimir Putin chairs a government meeting at the Novo-Ogaryovo state residence outside Moscow, June 25, 2014. (RIA Novosti/REUTERS)
Russia's President Vladimir Putin chairs a government meeting at the Novo-Ogaryovo state residence outside Moscow, June 25, 2014. (RIA Novosti/REUTERS)

The close: TSX gains as Ukraine/Russian tensions appear to ease Add to ...

The Toronto stock market closed higher as traders hoped for an easing of tensions between Russia and Ukraine.

The S&P/TSX composite index was up 77.88 points to 15,196.31 after Russia’s Interfax reported that Russia had ended military exercises near the Ukraine border.

U.S. indexes surged on the report with the Dow industrials ahead 185.66 points to 16,553.93, the Nasdaq gained 35.94 points to 4,370.91 and the S&P 500 index edged up 22.02 points to 1,931.59.

Globe and Mail Update Aug. 08 2014, 5:00 AM EDT

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Still, many market watchers were unimpressed by the one-day advance, calling it just a temporary bounceback and forecasting that the Russia/Ukraine issue will continue to weigh heavily on markets next week.

The Russia/Ukraine standoff is the primary focus for investor worry as traders considered the odds of Russia invading its neighbour in order to prop up Ukrainian rebels. There is also concern about how sanctions and countersanctions could derail a still-fragile economic recovery in Europe.

The Canadian dollar dropped 0.42 of a cent to 91.15 cents (U.S.).

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