Bulls Hurdle Jobs Data Too

Updated from Feb. 1

The post-Fed-meeting rally looks poised to take wing again Friday as the strong-growth, low-inflation story holds water after its biggest test -- Friday morning's January nonfarm payrolls report.

"Investors are like people pulling petals from a daisy," says Sam Stovall, chief investment strategist for Standard & Poor's. "There is inflation, there's no inflation. Right now they're on the 'no inflation' petal."

Traders are staying on the no-inflation petal after the Bureau of Labor Statistics revealed 111,000 new jobs added in the month of January, vs. consensus expectations for 150,000. The unemployment rate rose a tick to 4.6%, from 4.5%. The strongest job growth came from the service sector, while manufacturing jobs continued to decline -- by 16,000 in the month. ...