US STOCKS-Wall Street dismisses weak jobs data, edges higher
* January payrolls disappoint, December revised up slightly
* Spot VIX falls to trade below VIX futures
* Dow flat, S&P up 0.2 pct, Nasdaq up 0.3 pct
By Rodrigo Campos
NEW YORK, Feb 7 (Reuters) - U.S. stocks edged up on Friday as a weak reading on the labor market was partly blamed on the weather and initial disappointment was replaced with expectations of further economic strength.
Nonfarm payrolls rose 113,000 in January on an expectation of a 185,000 gain. December payrolls were raised only 1,000 to 75,000. The unemployment rate hit a new five-year low of 6.6 percent.
Strong job gains in construction hint that cold weather was probably not a major factor in January job creation, but traders appeared to expect an upward revision. The data also showed job gains in key sectors including manufacturing.
"Investors are giving the report the benefit of the doubt because of the weather situation," said Donald Selkin, chief market strategist at National Securities in New York, which has about $3 billion in assets under management.
"What's interesting is that stocks (futures) initially got killed after the report came out, but now we're pretty sharply higher. That's a strong sign that we've bottomed out." Continuación...