U.S. stocks open higher on Ukraine ceasefire agreement

U.S. stocks opened higher Thursday as a ceasefire agreement on the Ukraine conflict soothed investors sentiment.

Russia President Vladimir Putin said Thursday he and leaders of France, Germany and Ukraine had agreed on the withdrawal of heavy weapons from Ukraine's frontlines and a ceasefire to begin from Feb. 15. European stocks rose, with the Stoxx Europe 600 index up 0.8 percent.

Investors brushed aside tensions around Greek debt negotiations with the cease-fire agreement. Talks over Greek debt with eurozone finance ministers failed to yield an agreement, with negotiations set to continue on Feb. 23.

On the U.S. economic front, in the week ending Feb. 7, the advance figure for seasonally adjusted initial claims was 304,000, an increase of 25,000 from the previous week's revised level, the U.S. Labor Department said Thursday. The data rose more than expected but the underlying trend was consistent with a strengthening labor market.

The advance estimates of U.S. retail and food services sales for January showed a decrease of 0.8 percent from the previous month, announced the U.S Commerce Department Thursday before the opening bell. Gasoline stations sharply fell 23.5 percent from the previous year.

Shortly after the opening bell, the Dow Jones Industrial Average rose 41.72 points, or 0.23 percent, to 17,903.86. The S&P 500 increased 9.77 points, or 0.47 percent, to 2,078.30. The Nasdaq Composite Index soared 31.18 points, or 0.65 percent, to 4,832.36.

U.S. stocks were little changed after wavering around flatline in a tight range Wednesday, as investors were eagerly awaiting the outcome of an emergency meeting of European finance ministers. Endi