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US stocks close higher, turn positive for the week, on hopes of easing tensions in Ukraine

FILE - This Aug. 9, 2011 photo shows a Wall Street street sign near the New York Stock Exchange, in New York. U.S. stocks are opening slightly higher Friday, Aug. 8, 2014 as investors weigh gains in productivity against worsening geopolitical concerns. (AP Photo/Mark Lennihan, File)

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FILE - This Aug. 9, 2011 photo shows a Wall Street street sign near the New York Stock Exchange, in New York. U.S. stocks are opening slightly higher Friday, Aug. 8, 2014 as investors weigh gains in productivity against worsening geopolitical concerns. (AP Photo/Mark Lennihan, File)

NEW YORK, N.Y. - U.S. stocks are closing higher as investors were relieved by reports of easing tensions between Ukraine and Russia.

News reports said Russia had ended military exercises near Ukraine.

The Dow Jones industrial average rose 185 points, or 1.1 per cent, to close at 16,553 Friday.

The Standard & Poor's 500 index rose 22 points, or 1.2 per cent, to 1,931. The Nasdaq composite rose 35 points, or 0.8 per cent, to 4,370.

The gain in the S&P 500 was the biggest since Mar. 4 and turned the index higher for the week.

Lululemon rose 3 per cent after the company's founder agreed to sell half his stake as part of a deal to avert a battle for control.

Bond prices fell. The yield on the 10-year Treasury note edged up to 2.42 per cent.

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