Stocks Opened Higher on Consumer Spending Data

U.S. stocks opened slightly higher on Monday after data showed consumer spending picked up in February. The Dow Jones Industrial Average lately added 19.35 points, or 0.11%, to 17,535.08. The S&P 500 gained 0.28 point, or 0.01%, to 2,036.22. The Nasdaq Composite was down 7.34 points, or 0.15%, to 4,766.17.

U.S. consumer spending rose marginally in February and overall inflation retreated, suggesting the Federal Reserve could take its time in raising interest rates this year despite a tightening labor market. The Commerce Department said on Monday that consumer spending edged up 0.1 percent.

Starwood Hotels & Resorts Worldwide Inc. said it received a higher takeover offer from a group led by Anbang Insurance Group Co., putting the Chinese company back into battle with Marriott International Inc. for control of the hotel operator.

Cosmetics maker Avon Products Inc (AVP.N) said it had agreed to give activist investor Barington Capital Group LP the right to approve the appointment of an independent director to the company’s board, avoiding a proxy fight.

Online music streaming service Pandora Media Inc appointed founder Tim Westergren as its chief executive officer to replace Brian McAndrews. The company also appointed independent board member Jim Feuille as its new chairman.