US STOCKS-Wall St rebounds on news Russia ending drills
* Major indexes at session high after Russia report
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* Indexes up: Dow 0.9 pct, S&P 1.0 pct, Nasdaq 0.7 pct (Updates prices, changes comment)
By Akane Otani
NEW YORK, Aug 8 (Reuters) - U.S. stocks rose Friday, with major indexes hitting session highs and erasing losses from the week, buoyed by news that Russia was ending military drills near the Ukrainian border that the U.S. had rapped as being "provocative."
The market had dropped in post-market futures trading a day earlier on worries over the implications of a U.S. air strike on Iraq. That came amid a backdrop of retaliatory trade bans by Russia on U.S. and European food imports, which posed concerns especially for Europe's fragile economic recovery.
The S&P 500 rose 0.95 percent and climbed above its 100-day moving average, a technical support level that it had been hovering near for the past several days. The CBOE market volatility index fell 5.1 percent to 15.81 in a sign of reduced investor uncertainty.
Russia's Defence Ministry said Friday it had finished military exercises in southern Russia which the United States had criticized as a provocative step amid the Ukraine crisis.
The U.S. carried out air strikes targeting Islamic State fighters marching on Iraq's Kurdish capital earlier Friday. The strikes were the first authorized on Iraq since President Barack Obama pulled American troops out in 2011. Continuación...