Wall Street ends best week in two months

Stocks on Wall Street ended the week higher as earnings boosted technology stocks and traders largely chalked up the disappointing January jobs report to stormy weather.

The unemployment rate fell to 9% in January, while analysts had expected it to rise to 9.5% from 9.4% in December. However, non-farm payrolls rose only 36,000 in January, compared with forecasts for a gain of 140,000.

Blue chip industrials are on pace for a weekly rise of 2.1%, which would be the biggest weekly percentage increase since the first week of December.

At the close (10am NZ time), the Dow Jones Industrial Average was up 29.89 points, or 0.2%, to 12,092.15.

Procter & Gamble rose 1.2% and Kraft Foods rose 1%. J.P. Morgan Chase fell 2.3%, a day after new details in a lawsuit claimed that the bank ignored or dismissed warning signs about Bernard Madoff's fraud.

General Electric shed 1.3% and Bank of America fell 1.4%.

The Nasdaq Composite was up 0.6% to 2769.30. Spearheading the technology sector's gains, JDS Uniphase surged 23%.

The S&P 500 stock index advanced 0.3% to 1310.87, led by the technology sector.

Other markets: Europe, Asia up
European stocks ended higher, with utilities and financial stocks posting particularly strong gains.

The Stoxx Europe 600 index rose 0.3% to 285.90, its fourth consecutive gain, giving it a 1.9% advance for the week.

In London, the FTSE 100 index gained 0.2% to 5997.38 to finish the week up 2%. in Frankfurt, the DAX 30 index rose 0.3% to 7216.21 to a 52-week high. The index rose 1.6% for the week.

In Paris, the CAC 40 index gained 0.3% on the day and 1.1% for the week to 4047.21.

Most Asian markets advanced Friday in light holiday trading, with Japanese stocks buoyed by a proposed merger between Nippon Steel and Sumitomo Metal Industries.

The Nikkei Stock Average climbed 1.1%, the S&P/ASX 200 added 0.9% in Sydney. In India, the Bombay Stock Exchange's Sensitive Index fell 441.16 points, or 2.4%, to close at 18,008.15.

Markets in China, Hong Kong, Singapore, Malaysia, Korea, Taiwan and Vietnam were closed for the Lunar New Year holidays,

Commodities: Oil, gold down
Crude futures tumbled below $US89 a barrel, as traders worried about holding positions through the weekend if Egyptian President Hosni Mubarak relinquishes power.

Light, sweet crude for March delivery traded $US1.72, or 1.9%, lower at $US88.82 a barrel in New York, the lowest level since Monday.

Brent crude on the ICE futures exchange traded $US1.88 lower at $US99.88 a barrel.

Gold prices fell slightly. The most actively traded gold contract, for April delivery, settled down $US4, or 0.3%, at $US1349 an ounce in New York.

Currencies: Dollar up, euro down
The US dollar advanced broadly, as initial disappointment with a seemingly weak employment report gave way to guarded optimism that sluggish labor markets could be poised to rebound.

The euro weakened to $US1.3585 from $US1.3635 late on Thursday. The dollar strengthened to ¥82.32 from ¥81.57.

The euro moved to ¥111.83 from ¥111.22. The UK pound weakened to $US1.6086 from $US1.6144. The dollar inched up to 0.9564 Swiss franc from 0.9454 franc.