Reply #49: U.S. stocks higher midday after jobs data (Oh good grief!) [View All]

http://biz.yahoo.com/cbsm-top/050204/e12da61507a5a8ddba77b223d7543f83_1.html

NEW YORK (MarketWatch) -- Stocks were holding solid gains midday Friday as Wall Street wagered January's weaker than expected employment report could mean a speedy end to the cycle of interest rate hikes.

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"Everyone expects interest rates to continue up; it's the idea of where they stop going up. This kind of report indicates we're near the end," said Stephen Massocca, president and head of trading at Pacific Growth Equities.

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"I think for equities at this stage of the cycle, we're kind of hoping for Goldilocks-type of economic data," said Bryan Piskorowski, market analyst at Wachovia Securities.

"Anything on the super strong side, I think, would create fears that the Fed will have an increased proclivity to tighten. At this point in time, to have job creation maybe at a slower than expected pace might be ultimately positive for equities."

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Advancers were leading decliners 11 to 5 on the New York Stock Exchange and 17 to 12 on the Nasdaq. Big Board volume was about 700 million shares, while nearly 900 million shares traded on the Nasdaq.

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