NEW YORK, Feb 6 - U.S. stocks are poised to rise on Friday as investors anticipate a strong January employment report, which many hope will bolster faith in the strength of the U.S. economic recovery. Economists are expecting that 150,000 new nonfarm jobs were added by employers last month, providing evidence that the U.S. economy is finally starting to create jobs. A paltry 1,000 jobs were created in December. "The stock market is rising on anticipation that today's monthly report is going to show strong job growth," said Phil Flynn, vice president and senior market analyst with Alaron Trading Corp. "Last month the market was disappointed, but this month the buzz seems to be that we will see better job growth." Stock futures were trading higher early Friday, pointing to a higher open, although the market will take its cue from the employment figures after their release at 8:30 a.m. (1330 GMT). On Thursday, the Dow Jones industrial average <.DJI> closed up 24.81 points, or 0.24 percent, at 10,495.55. The broader Standard & Poor's 500 Index <.SPX> ended up 2.07 points, or 0.18 percent, at 1,128.59. The technology-focused Nasdaq Composite Index <.IXIC> finished up 5.42 points, or 0.27 percent, at 2,019.56. After hitting two-year highs on Jan. 26, the major indexes have spent the last two weeks meandering as investors look for the next chapter of good news.
Companies have generally delivered strong fourth-quarter earnings, as expected. Earnings for this week taper off on Friday, with only a handful of major firms reporting. Early in the day health insurer Cigna Corp. said quarterly revenue fell while net profit rose compared with last year. It also revealed plans to cut about 3,000 jobs and slash its quarterly dividend. Other stocks to watch on Friday include Electronic Data Systems Corp. and Schering-Plough Corp. . EDS, the second-largest U.S. technology services provider, on Thursday posted a big quarterly loss after charges related to its money-losing Navy contract and restructuring costs. UBS cut its rating on EDS to "reduce" from "neutral" early on Friday. Drugmaker Schering-Plough on Thursday said it halted a late-stage trial of its experimental drug for lung cancer but will continue testing it for leukemia and a number of solid tumors. Shares of both companies fell after the bell on Thursday.//