Stocks ended broadly higher on Wall Street Tuesday as investors welcomed signs that tensions might ease in Ukraine.

The S&P 500 rose 1.6%, the tech-heavy Nasdaq rose 2.5% and U.S. benchmark crude slid 3.6%.

Moscow said some troops near Ukraine's borders would begin returning to their bases, however U.S. President Joe Biden said that claim remains unverified.

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

The yield on the 10-year Treasury rose to 2.05% after the government reported that inflation at the wholesale level surged 9.7% from a year earlier in January.