Stocks are looking up this morning on still more encouraging economic news.

U.S. personal spending and income rose more than expected in January, creeping up 0.4%. The spending increase is expected to continue stoking the fires of recovery.

Tech stocks are also getting a boost after Chartered Semiconductor Manufacturing Ltd. raised its first-quarter sales guidance. This is supporting chip stocks in particular and techs generally.

Also, oil prices are up a bit after an OPEC official says the cartel is not likely to boost oil production in 2002.

In Europe, stocks are mixed. Hope for recovery is swaying traders there too, although weak French consumer confidence readings are hurting that market. Banks are bouncing back after BNP Paribas SA reported stronger fourth-quarter earnings.

The FTSE is up 23 points to 5,124. The CAC 40 is off by eight points to 4,455. The DAX has added 12 ticks to sit at 5,051.

Overnight in Asia, stocks closed the week mixed once again. The Nikkei added 224 points to finish at 10,812. The Hang Seng lost 57 points though to close at 10,425.

In earnings news, IMAX Corporation reported earnings, after extraordinary and unusual items, of 63¢ per share for the fourth quarter, versus a loss of $1.08 in the prior year period. For the full year, it reported losses of $4.69 per share. The company says that it expects to return to profitability in 2002 driven by its lower cost structure and strong 2002 film slate.

Also, Wescam says it expects revenue of approximately $21 million and a net loss of approximately $3.9 million for the first quarter of fiscal 2002. The company is maintaining its guidance for fiscal 2002 of revenue between $155 to $160 million, net earnings of $8.3 to $8.8 million.