US STOCKS-Nasdaq up on techs, Dow and S&P cut losses

* Mixed bag: Payrolls fall, jobless rate declines

* Euro zone fiscal worries linger

* Techs lead Nasdaq up; Intel, Cisco gain

* Dow off 0.4 pct; S&P off 0.1 pct; Nasdaq up 0.4 pct

* For up-to-the-minute market news, click [STXNEWS/US]
(Updates to late afternoon trading)

By Angela Moon

NEW YORK, Feb 5 (BestGrowthStock) – The Nasdaq turned positive late
in the session on Friday, while the Dow and the S&P pared
losses to nearly flat as investors snapped up technology and
materials stocks.

The modest recovery came after stocks dropped more than 1
percent earlier in the day on weak U.S. jobs data and continued
concerns on the euro zone’s sovereign debt problems.

Cisco Systems (CSCO.O: ) and Intel Corp (INTC.O: ) ranked among
the top advancers on the Dow, and helped the Nasdaq erase
losses.

Cisco was up 2.6 percent at $23.75 and Intel gained 2.4
percent to $19.49.

“It always gets a little overdone, and in the short run,
the market earlier today reached a very oversold position and
stepped back to say, ‘OK, has anything really changed?’ For
U.S. investors, the answer is no.” said Joe Keating, chief
investment officer at RBC Bank Investment Management in
Birmingham, Alabama.

The Dow Jones industrial average (.DJI: ) was down 39.60
points, or 0.40 percent, at 9,962.58. The Standard & Poor’s 500
Index (.SPX: ) was down 1.11 points, or 0.10 percent, at
1,062.00. The Nasdaq Composite Index (.IXIC: ) was up 9.14
points, or 0.43 percent, at 2,134.57.

Materials stocks also rebounded after falling throughout
most of the day, with Alcoa Inc (AA.N: ) up 1.9 percent at
$13.15.

But the overall investor sentiment was bearish. European
policy-makers scrambled to reassure markets about the stability
of the 16-nation currency bloc, and Portugal backed a law that
may push its swollen deficit higher.

“Memories of 2008 still linger and people are reminded of
what prompted the whole crisis, which were problems in the debt
market and liquidity issues … the same kind of problems
lingering now for sovereign countries,” said Stephen Massocca,
managing director at Wedbush Morgan in San Francisco.

“Investors are questioning, ‘How far is this fire going to
spread?'”

The biggest losers included industrial shares, with General
Electric Co (GE.N: ) off 1.7 percent at $15.78 and Boeing Co
(BA.N: ) down 1.6 percent at $58.40.

U.S. employers unexpectedly cut 20,000 jobs in January, but
the unemployment rate dropped to a five-month low of 9.7
percent, the Labor Department reported. For details, see
[ID:nN04115255]

On Thursday, the Dow briefly slipped below the crucial
10,000 mark as stocks suffered their worst daily declines in
more than nine months.

Growth Stocks

(Reporting by Angela Moon; editing by Jan Paschal)

US STOCKS-Nasdaq up on techs, Dow and S&P cut losses