Despite massive January job losses reported last week, Wall Street rose on an anticipated Senate vote on the stimulus bill making its way through Congress. As the trading session ended Friday, investors overlooked a loss of 598,000 jobs in January, and decided to look forward to a revised stimulus plan in the Senate that would include a combination of tax cuts and spending estimated to total $937 billion. The House has already passed a similar measure.

Most market-watchers agree that any stimulus would take time to work its way into the economy.

"All focus right now is now is really on Washington," said Dan Cook, senior market analyst at IG Markets in Chicago. "We just want to see a plan and have a direction. We can adjust from there and make moves on the fly."

The Journal Record Index rose 13.34 points, or 2.05 percent, last week and closed at 662.83. Advancing issues outstripped declining issues at a 2-to-1 margin. JR Index gains were pressured by a drop in oil prices worldwide as the recession beat down U.S. demand for oil.

Panhandle Royalty rose for the week, adding $3, or 14.81 percent. Research firm Wunderlich Securities initiated coverage on PHX with a rating of "hold." Panhandle ended the week at $23.25.

Oneok Partners was the top dollar loser last week after the company said that its results for 2008 will be in the lower range of its previously announced guidance, between $5.95 and $6.15 per unit. Net income for 2009 is expected to range between $3.15 and $3.75 per unit. OKS shed $5.02, or 9.84 percent, and ended at $45.98. Oneok Inc., also a component, lost $1.17, or 4 percent, after reporting expectations in the lower range of its guidance. Oneok ended at $28.05. Both companies will announce 2008 earnings results on Feb. 23.

Shares of Alliance Holdings increased despite a drop in net income for the quarter ended Dec. 31. AHGP announced earnings of $18 million, or 30 cents per unit, compared to net income of $20.5 million, or 34 cents per unit, a year earlier. The company's board announced a quarterly distribution of 40.25 cents per unit payable on Feb. 19 to unitholders of record as of Feb. 12.

Alliance Holdings rose $1.89, or 11.55 percent, and ended at $18.26. JR Index component Alliance Resource Partners also rose, gaining $1.83, or 5.99 percent. ARLP said it will issue a quarterly cash distribution of 71.5 cents per unit payable on Feb. 13 to unitholders of record as of Feb. 6. Alliance Resource Partners closed at $32.39.

Originally published by Margot Crabtree.

(c) 2009 Journal Record - Oklahoma City. Provided by ProQuest LLC. All rights Reserved.

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