US open: Stocks mostly higher as Putin softens stance
US stocks were mostly higher amid speculation that the turmoil in Ukraine will not escalate.
Russian President Vladimir Putin said Russia will do everything it can to stop the conflict in eastern Ukraine.
Speaking to Russian ministers and members of parliament in Crimea, Putin said the nation would stand up for itself but not at the expense of confrontation with the rest of the world.
"We must calmly, with dignity and effectively, build up our country, not fence it off from the outside world," Putin said, according to Reuters. "We need to consolidate and mobilise but not for war or any kind of confrontation [...] for hard work in the name of Russia."
Back in the US, the Labor Department revealed applications for unemployment benefits in the rose more than forecast in the week ended 9 August. Jobless claims climbed by 21,000 to 311,000, the highest in six weeks, after a 290,000 increase a week earlier. Economists had predicted 295,000 claims.
"While the latest reading on initial claims was higher than expected, the four-week average has risen only slightly from the eight-year low reached last week, and the level of continuing claims remains low," Barclays Research said. "Thus, we still would view the claims data as consistent with a labor market that is improving."
In corporate news, Kohl's Corp. rallied after the department-store chain reported second quarter results that exceeded analysts' estimates.
Cisco slumped as the world's largest networking-equipment maker said it would cut another 6,000 jobs after reporting a fall in fourth quarter income.
Wal-Mart Stores declined after the world's largest retailer reported stagnant same-store sales in the last quarter and cut its 2014 profit forecast due to slow traffic at its supercenters.
RD