The January non-farm payrolls report missed expectations, while disclosing huge upward revisions to the December and November figures. The major American stock indices soared on Friday after the Bureau of Labor Statistics reported that non-farm payrolls added 157,000 new jobs in January, slightly missing expectations for an increase of 185,000 new jobs.  Beyond that, the BLS upwardly-revised December’s total to 196,000 (from 155,000) and revised November’s result from 161,000 to an enormous, 247,000. The unemployment rate ticked up to 7.9 percent from 7.8 percent. As of 3:12 EST, the Dow Jones Industrial Average jumped 145 points (1.05 percent) to 14,006.  The S&P 500 Index surged 0.96 percent to 1,512 (NYSEARCA:SPY).  As the chart (at left) indicates, the S&P 500 continues to rise above its previous resistance level of 1,470 to its next resistance level in the 1,550 – 1,570 range.  Its Relative Strength Index rose back into the “overbought” range to 71.46 (Chart courtesy of  Stockcharts.com ).  The Nasdaq Composite advanced 1.15 percent to 3,178 (NASDAQ:QQQ).  The Russell 2000 Index climbed 1.01 percent to 911 (NYSEARCA:IWM).   Design Your Own ETF The “Dollar Bull” Index ETF (NYSEARCA:UUP) declined 3 cents (0.14 percent) to 21.59 as of 3:06 EST. As of 2:54 EST, the S&P 500 Volatility Index – or VIX – declined 9.24 percent to 12.96 and the VIX Short-Term Futures ETN fell 5.42 percent to 23.02 (NYSEARCA:VXX). The Euro STOXX 50 Index finished Friday’s trading session with a 0.26 percent advance to 2,710 – staying well above its 50-day moving average of 2,653.  After breaking above its resistance level of 2,700 on January 21, the STOXX 50 is once again attempting a sustained advance above that level, which has been a barrier since the beginning of the new year.  Its Relative Strength Index is 51.48 (NYSEARCA:FEZ).  The FTSE 100 Index jumped 1.12 percent to 6,347 (NYSEARCA:EWU).  The German DAX Index rose 0.74 percent to 7,833 (NYSEARCA:EWG).  France’s CAC 40 Index surged 1.10 percent to 3,773 (NYSEARCA:EWQ).  Spain’s IBEX 35 Index took a 1.74 percent nosedive to 8,216 (NYSEARCA:EWP).  Italy’s FTSE MIB Index sank 0.70 percent to 17,317 (NYSEARCA:EWI). As of 3:02 EST, the euro advanced 0.63 percent against the dollar, trading at $1.3663 (NYSEARCA:FXE). On London’s ICE Futures Europe Exchange, March futures for Brent crude oil advanced by $1.12 (0.97 percent) to $116.67/bbl. (NYSEARCA:BNO, NYSEARCA:USO).   Buy Signal: Top Hedge Funds Are Moving into Energy February Gold futures advanced by $8.10 (0.49 percent) to $1,668.70 per ounce (NYSEARCA:GLD). ETF Summary:  SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA)  +1.01%  as Friday’s batch of encouraging economic reports put investors in a “risk on” mode. SPDR EURO STOXX 50 ETF (NYSEARCA: FEZ )  +1.36%  advancing more significantly than the Euro STOXX 50 Index (which rose only 0.26 percent) after Markit Economics released an encouraging Final Eurozone Manufacturing PMI for January . Industrial Select Sector SPDR ETF (NYSEARCA:XLI)  +0.97%  following the upbeat PMI reports from the ISM and Markit Economics. iShares Barclays 20+ Year Treasury Bond Fund (NYSEARCA:TLT)  -1.30%  as advancing stock prices increased investors’ appetite for risk, making the safe haven of government bonds less attractive.   Learn More About iShares ETFs SPDR S&P 500 INDEX ETF (NYSEARCA:SPY)  +1.06%  as investors feel encouraged by the batch of positive economic reports which were released on Friday. Bottom line:  Investors responded to the stream of positive economic reports released on Friday with a huge appetite for equities.  Sign up for Wall Street Sector Selector’s FREE Stock Market Timing Indicator!    Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector’s Disclaimer , Terms of Service , and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.