The Dow closed up cautiously today, up 61.78 at 16713.58 while the S&P took it a bit higher by 8.46 points to 1955.18. Investors digested geopolitical events and breathed a slight sigh of relief as tensions in Ukraine seem to have relaxed. Putin stated earlier today that, "We will do everything in our powerdow up rates hold steady so that this conflict is ended as soon as possible, so that the blood can stop flowing in Ukraine” which seems a bit out of character for him.

Over the past several months it appeared that Russia would cross into Ukraine at any moment but it seems it’s time to step back. He added, "We need to consolidate and mobilize but not for war or any kind of confrontation.”  Not a declaration of peace but investors like the news. Bond yields fell as well with the 10-yr Treasury up 6/32 and the 30 year mortgage bond closed out 102.20 on the 30 year coupon.

Weekly jobless claims for those filing for unemployment compensation came in higher than expect with 311,000 new requests for unemployment reported, above the 295,000 economists had expected. The four week moving average however is still at a respectable 295,750.

There has been little news from the Fed as of late, other than comments from Vice Chair Fischer concerning potentially raising rates now instead of later down the road. The economy is in fact in a recovery mode, albeit mild, and many are thinking that waiting to raise interest rates might come after the inflation horses have already left the barn. There are no current inflationary pressures other than the massive amount of printing by the Federal Reserve that many say inflation is almost inevitable given the amount of funds pumped into the economy.