Stocks rise despite meager January jobs gain

Stocks ticked higher Friday despite an underwhelming January jobs report, thanks in part to strong corporate earnings, progress toward a stimulus bill and rising daily coronavirus vaccination rates.

The Dow Jones Industrial Average was up more than 100 points in early trading, rising 0.4 percent. The Nasdaq composite was up 0.1 percent, and the S&P 500 rose 0.4 percent.

Stocks have risen steadily this week after the Reddit-driven volatility that roiled the market last week, and they continued higher Friday despite the Labor Department reporting a gain of just 49,000 jobs in January.

Wall Street, however, has looked past the disappointing January jobs haul and toward other indicators of economic optimism.

More than 70 percent of companies reported fourth-quarter earnings that exceeded analysts’ projections, according to financial data firm Refinitiv. The Senate early Friday morning also passed a budget resolution that will be used to advance a massive coronavirus response and economic aid bill.

President Biden has proposed a $1.9 trillion bill with direct checks to households, enhanced unemployment benefits, funding for vaccine distribution and aid for small businesses. While Biden has sought bipartisan support, he and Democrats said they will not wait for Republicans to come on board given the urgent need for further aid.

“The one thing we learned is we can’t do too much here,” Biden said Friday morning at the White House.

“We’ve got a chance to do something big here.”