Stocks Opened Higher after Ukraine Deal

U.S. stocks opened higher on Thursday, following a ceasefire agreement between Russia and Ukraine, although soft economic data may keep gains in check. The Dow Jones Industrial Average lately added 76.23 points, or 0.43%, to 17,938.37. The S&P 500 gained 12.50 points, or 0.60%, to 2,081.03. The Nasdaq Composite added 33.64 points, or 0.70%, to 4,834.82.

Applications for unemployment benefits climbed last week to a level that’s consistent with progress in the U.S. labor market.Jobless claims rose by 25,000 to 304,000 in the week ended Feb. 7, higher than forecast, from a revised 279,000 in the prior period, a Labor Department report showed Thursday.

U.S. consumer spending barely rose in January as households cut back on purchases of a range of goods, suggesting the economy started the first quarter on a softer note. The Commerce Department said on Thursday retail sales excluding automobiles, gasoline, building materials and food services edged up 0.1 percent last month after a 0.3 percent drop in December.

Expedia Inc. will acquire rival online travel company Orbitz Worldwide (OWW) in a deal valued at approximately $1.6 billion, the company said Thursday. Under the agreement, Expedia will pay $12 per share in cash for Orbitz, a 25% premium above Orbitz’s last closing price of $9.60.

Tesla Motors Inc. reported an unexpected quarterly loss. The electric-car maker reported a fourth-quarter loss, excluding certain items, of 13 cents a share. Tesla delivered a record 9,834 vehicles.