By Steve Goldstein
European stocks bounced back Tuesday after Russia said it’s withdrawing some troops from the border of Ukraine.
After sliding 1.8% on Monday, the Stoxx Europe 600 (STOXX:XX:SXXP) rose 1.3% to 466.82. This year the pan-European benchmark has dropped 4%, outperforming the S&P 500 which has dropped 8%.
Of the major regional indexes, the German DAX (XEX:DX:DAX) gained 1.7%, the French CAC 40 (PAR:FR:PX1) increased 1.3% and the U.K. FTSE 100 (FTSE:UK:UKX) increased 0.9%.
Most sectors advanced, with healthcare shares in particular seeing strength as AstraZeneca (LON:UK:AZN) rose 5% and Novo Nordisk (CSE:DK:NOVO.B) rose 3%, though energy companies including Equinor (OSL:NO:EQNR) and TechnipFMC slumped as oil prices retreated.
AstraZeneca reported a positive late-stage trial for a prostate cancer drug.
