Stocks traded well into green territory on Friday. Brands such as AT&T, Bank of America, Verizon, and United Technologies posted gains on the Dow. Stocks stepped up amid a variety of economic news. The Bureau of Labor Statistics issued employment numbers for January. 157,000 jobs were added and December’s results were revised higher to 196,000. Economists had expected 160,000 jobs to be added in January. Additionally, the unemployment rate hit 7.9%, up slightly from 7.8% in December. Economists had expected no change in the unemployment rate. Meanwhile, the final read on the University of Michigan’s consumer sentiment index was impressive. Consumer confidence levels hit 73.8, up from the preliminary estimate of 71.3 and well beyond an expected reading of 71.5. On another note, manufacturing activity increased in January. The ISM Manufacturing survey showed a jump to 53.1 from a downwardly revised 50.2 in December. A reading of 50.6 had been anticipated. Elsewhere, a Census Bureau report revealed an increase in construction spending. Spending rose by 0.9% in December. Following an upwardly revised 0.1% in November, a lesser uptick of 0.6% had been predicted for December.
