US STOCKS-Wall St rallies to snap three-week skid
* January payrolls disappoint, December revised up slightly
* Apple leads market higher on buyback boost
* Online travel agencies' shares fly after Expedia results
* Spot VIX falls to trade below VIX futures
* Dow up 1.1 pct, S&P 500 up 1.3 pct, Nasdaq up 1.7 pct
By Chuck Mikolajczak
NEW YORK, Feb 7 (Reuters) - U.S. stocks jumped on Friday, giving the S&P 500 its first weekly gain in four as the impact of a weak reading on the labor market was dulled by harsh weather conditions and traders focused on expectations of further economic strength.
Nonfarm payrolls added 113,000 jobs in January - well shy of the forecast for 185,000. December payrolls were revised upward by only 1,000 to 75,000. The U.S. unemployment rate in January hit a five-year low of 6.6 percent, slightly above the 6.5 percent level that Fed officials have said would prompt them to consider raising benchmark interest rates from near zero.
The rapid drop in U.S. unemployment will make re-crafting the Federal Reserve's easy-money promise a top priority for new Chair Janet Yellen, who will probably avoid tying policy to specific targets in the labor market. Continuación...