Stocks Sharply Higher, But Look At What’s At Multi-Year Lows

Stocks closed the day on
a very positive note.
  Despite some weaker than economic data,
equities turned it around staged a broad based rally. The Dow Jones Industrial
Average recaptured the 10,700 level since falling under it just one month ago. 
The broader S&P 500 recaptured the 1200 level. Meanwhile semiconductor issues
led the day as they shot back above the 400 level and gained 4.35% for the day. 
Lastly the CBOE Volatility Index
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fell to levels not seen since
December 1995.

January nonfarm payrolls rose +146,000, lower
than expected. December was revised to 133K from 157K. Unemployment fell to 5.2%
vs. 5.4% in December. Average hourly earnings rose 0.2%. The University of
Michigan sentiment number for January was 95.5, down from December’s 97.1.

Time Warner
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reported 0.20, better than expected.

Boeing
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received an order from Japan Airlines for 30 737
jets–worth $1.8 billion.

Ask Jeeves
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beat by 0.03; earnings jumped 130% in Q4.

Strong sectors are: Semiconductors
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+4.35% 
Disk Drives
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+3.97%  Biotechs
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+2.05%.

Weak sectors are:  Internet Commerce
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-0.92%   Internet
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-0.76% 
Gold Bugs

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-0.51%.

Dow 10,716.13
S&P 500 1203.03
Nasdaq 2086.66

The dollar is +0.42 at
84.45

Crude Oil is +0.00 at
46.48

Gold is -2.60 to 415.90

ce=”Arial” size=”2″ face=”Arial”>Volume is 1.62 billion on the NYSE and
1.89 billion on the Nasdaq.

Market breadth is positive.

NYSE Issues
Advancing 2527 Up Vol 1233
Declining 796 Down Vol 368
3.17 3.35
Nasdaq
Advancing 2085 Up Vol 1453
Declining 1041 Down Vol 427
2.0 3.40

Stocks in the News

Ryder
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beat by 0.04, but guided slightly lower.

DoubleClick
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reported 0.08, beating by 0.02; earnings nearly tripled.

Sapient’s
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earnings tripled,
but missed estimates. The company said it found a “material weakness” 
in its internal financial controls.

Avid Tech
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beat by 0.02, ex-items.

Brice Wightman