Stocks Rally as Ukraine, Russia Agree to Cease-Fire

U.S. stock futures are higher after Ukrainian President Petro Poroshenko said he and Russia's Vladimir Putin have agreed to a cease-fire.

Dow futures are up 70 points, Nasdaq futures are up 16 and S&P 500 futures are up 8.

While the Kremlin confirmed an agreement had been reached the country took issue with the wording saying, " Russia physically can't negotiate a cease-fire because it isn't a party to the conflict."

Also, Poroshenko slightly changed the wording on the cease-fire statement at his official website. The wording was changed from "agreement on a permanent cease-fire" to "agreement on a cease-fire regime."

President of Ukraine Petro Poroshenko had a phone conversation with President of Russia Vladimir Putin.

The conversation resulted in an agreement on ceasefire regime in the Donbas. The parties reached mutual understanding on the steps that will facilitate the establishment of peace.

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