Last week the positive economic news exceeded the negative. Here is a recap:

Positives:

1. January Nonfarm Payrolls came in at an increase of 257k vs 228k expected.
2. Eurozone retail sales were up 2.8% in December, the strongest in almost 8 years.
3. Average hourly earnings in the U.S. grew at 2.2% vs 1.9% expected.
4. Eurozone growth came in at 52.6, a six-month high.
5. Big revisions to the previous six months added another 102k jobs.
6. Oil stopped crashing, it finished the week up 8.5%.

Negatives:

1. January unemployment ticked up a bit to 5.7% from 5.6%.
2. Interest rate sensitive Utilities got roughed up on Friday, having their worst day since August 2011.
3. Institute of Supply Managers index came in at 53.5, down from 55.1 and below the 54.5 expected.
4. Purchase applications fell for the third straight week.