The US stock markets closed higher on Tuesday on the expectation that the Ukraine tensions might subside, as Russia said some troops near Ukraine's borders would begin returning to their bases.

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However, US President Joe Biden said that the claim remained unverified.

Wall Street indices S&P 500 rose 1.6 percent, Dow Jones surged nearly 1.2 percent, while tech-heavy Nasdaq gained 2.5 percent after witnessing a fall on the previous day.

Bond yields rose after another indicator on inflation came in higher than expected.

US stock markets closing on Tuesday:

The S&P 500 rose 69.40 points, or 1.6%, to 4,471.07.

The Dow Jones Industrial Average rose 422.67 points, or 1.2%, to 34,988.84.

The Nasdaq rose 348.84 points, or 2.5%, to 14,139.76.

The Russell 2000 index of smaller companies rose 55.67 points, or 2.8%, to 2,076.46.

US stock markets for the week:

The S&P 500 is up 52.43 points, or 1.2%.

The Dow is up 250.78 points, or 0.7%.

The Nasdaq is up 348.60 points, or 2.5%.

The Russell 2000 is up 46.32 points, or 2.3%.

US stock markets for the year:

The S&P 500 is down 295.11 points, or 6.2%.

The Dow is down 1,349.46 points, or 3.7%.

The Nasdaq is down 1,505.21 points, or 9.6%.

The Russell 2000 is down 168.85 points, or 7.5%.

-With agency inputs