Market Looks Past Weak Unemployment to Stimulus Bill

1:40 pm ET Update - Stocks are moving higher as financials bounce. Financial ETFs XLF and UYG are breaking the high of the low day. Airline stocks are also taking off today with DAL, CAL, RJET and LUV breaking the high of the low day. AMR, LCC and UAUA are close to a break above the high of the low day. ALK is moving higher. Financial stocks BAC, KEY, WFC, ZION, C, PNC, JPM, RF and many others are breaking the high of the low day on Friday. 11:00 am ET The market is up in the first 90 minutes of trading even though the Labor Deptmartment reported 598,000 lost jobs for January more than the 524,000 than had been forecast. Unemployment rose to 7.6 %. The reason for this is the markets are looking beyond what was essentially already known, that the economy is weak, to the future and the stimulus package that is currently being considered in the Senate. Another way to view this is a piece of bad news which likely was already discounted or priced into the market is being superseeded by another piece of perceived positive news that apparently isn't already priced into the market. So the market is rising to price or factor in the positive perception of the stimulus package. Earnings BIIB +0.93 inline +0.93 MA is pausing after Thursday's 19 point rise after a positive earnings report yesterday morning. Friday's Early Action Moving Up: POT, X, SCHN, MOS, CLF, CF, SOHU, CNX, V, NUE, KRE, ZION, MON, COH, GS, AGU, BTU, KBE, NDAQ, PCLN, AEM, RF, KMT, MS, ONXX, INFY, FWLT, ANR Moving Down: STRA, FSLR