US stocks rise after Putin limits annexation ambitions

Stock markets in the United States were up Tuesday after Russian President Vladimir Putin said that his country was not seeking to annex more Ukrainian territory beyond Crimea.

Putin signed a treaty Tuesday formally naming Crimea part of Russia, but he said Russia would not seek to control more of Ukraine.

The Dow Jones industrial average was up 113 points, to 16,360, as of 10:31 a.m. The Standard and Poor’s 500 index was up 12.51 points, to 1,871. The Nasdaq was up 35 points, to 4,315.

{mosads}So far the Obama administration has imposed sanctions on 11 Russian and Ukrainian officials but has held off on broader economic sanctions that could hurt U.S. companies invested in Russian trade such as Ford and Boeing. President Obama on Tuesday however invited G-7 nations to convene next week to discuss wider sanctions on Russia.

Plans for a G-8 meeting with Russia in the Olympic host city of Sochi have been put on hold.