Stocks flat as sense of calm returns

The Dow and S&P 500 are near all-time highs despite closing in the red Monday.

NEW YORK (CNNMoney)

The Dow, S&P 500, and Nasdaq were all flat in early trading Tuesday.

The tense situation in Ukraine caused some sharp moves in markets early last week, but market volatility, as measured by the VIX, (VIX) has declined sharply in recent days.

"With the threat of violence [in Ukraine] out of the way for now, it could take a long time before [the Ukraine-Russia standoff] reaches a definitive conclusion," said Kathleen Brooks, a research director at FOREX.com. "The market tends to shrug off on-going geopolitical issues."

In fact, CNNMoney's Fear and Greed Index, which tracks the VIX and six other indicators or market sentiment, has been showing signs of "Extreme Greed" for the past few days.

Related: Fear & Greed Index

U.S. stocks closed slightly lower Monday, with the Dow and S&P 500 hovering near all-time highs. The Nasdaq is about 15.5% below its dot-com boom record, thanks to a nearly 40% jump last year and a strong start in 2014.

There was little economic data on tap Tuesday, but several companies were making news.

J.C. Penney (JCP, Fortune 500) may finally be seeing the light at the end of the tunnel. Shares of the struggling retailer surged over 6% Tuesday after an Citigroup analyst upgraded the company's stock to a "buy."

The stock started the year on a rough note, and was one of the worst performers in the S&P 500 last year. But J.C. Penney shares have jumped in recent weeks as investors have begun to get on board with its much-hyped turnaround strategy. With Tuesday's gains, the stock is close to breaking even for the year.

Shares of Dick's Sporting Goods (DKS, Fortune 500) rose after the sporting retailer reported earnings and revenue roughly in line with forecasts.

Urban Outfitters (URBN), which owns the retail brands Anthropologie and Free People, declined after reporting quarterly revenue that fell short of analysts' expectations.

And while some firms have spent the beginning of 2014 blaming unusually cold winter for weak earnings, one company is actually cheering the country's winter woes. Snow plow maker Douglas Dynamics (PLOW), which trades under the ticker PLOW, rose more than 4% Tuesday after reporting strong earnings and solid guidance thanks to this year's wintry mix.

Related: CNNMoney's Tech 30

European markets were muted in afternoon trading. The majority of Asian markets ended with small gains.

First Published: March 11, 2014: 9:49 AM ET

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