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Stocks are fluctuating during Wednesday trading on mixed economic signals and earnings reports.

At 1:03 pm ET, the Russell 2000 (NYSE:IWM) is up 0.92% at 457.41, while the Dow is up 0.86% and the S&P 500 is up 0.48%.

New government data out illustrated further signs of a slowing economy. The Federal Reserve reported that production at the nation’s factories, mines and utilities fell 1.5% in March — the fifth consecutive month of decline and worse than the 1% drop originally projected. Also, the Labor Department reported consumer prices fell 0.1% last month as a drop in energy prices offset the biggest rise in tobacco prices in more than a decade.

Despite the downtrodden data, small cap oil company Delta Petroleum (Nasdaq:DPTR) is up 14% and Agria Corp. (NYSE:GRO) is climbing 12%, both on slightly lower-than-average volume.

******I hate to keep talking oil here, but the sticky stuff is a great proxy for what’s going on with the economy and the financial markets. On the one hand, demand is down considerably, even OPEC has cut production and inventories are rising to the point that some analysts are saying “…we’re swimming in the stuff…”

Oil prices have been as low as $35 in the last couple of months – an inconceivable price just 6 six months ago.

But at the same time, investors fully understand that oil is absolutely indispensable to global economic growth. And alternative energy sources will not be affecting . . .

Ulta Salon Cosmetics & Fragrance Inc. (Nasdaq:ULTA), Hansen Medical Inc. (Nasdaq:HNSN) and American Oriental Bioengineering Inc. (Nasdaq:AOB) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Zion Oil and Gas Inc. (Nasdaq:ZN), Chemgenex Pharm Depository Receipt (Nasdaq:CXSP), IRIS International Inc. (Nasdaq:IRIS), HSN Inc. (Nasdaq:HSNI), DineEquity Inc. (Nasdaq:DIN) and Delta Petroleum Corp. (Nasdaq:DPTR).

GSI Commerce Inc (Nasdaq:GSIC), BE Aerospace Inc (Nasdaq:BEAV) and Rent-A-Center Inc (Nasdaq:RCII) are among the most actively traded companies in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Wavecom Depository Receipt (Nasdaq:WVCM), Cyberonics Inc (Nasdaq:CYBX), Delta Petroleum Corp (Nasdaq:DPTR), Pantry Inc (Nasdaq:PTRY), First Advantage Corp (Nasdaq:FADV) and Intersil Corp (Nasdaq:ISIL).

Delta Petroleum Corp. (Nasdaq:DPTR), DryShips Inc. (Nasdaq:DRYS) and United Natural Foods Inc. (Nasdaq:UNFI) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Finish Line Inc. (Nasdaq:FINL), True Religion Apparel Inc. (Nasdaq:TRLG), Iconix Brand Group Inc. (Nasdaq:ICON), Green Mountain Coffee Roasters Inc. (Nasdaq:GMCR), Hibbett Sports Inc. (Nasdaq:HIBB) and i2 Technologies Inc. (Nasdaq:ITWO).

General Steel Holdings Inc. (Nasdaq:GSI), Delta Petroleum Corp. (Nasdaq:DPTR) and Logility Inc. (Nasdaq:LGTY) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Pike Electric Corp. (Nasdaq:PEC), VisionChina Media Inc. (Nasdaq:VISN), Silver Standard Resources Inc. (Nasdaq:SSRI), Young Innovations Inc. (Nasdaq:YDNT), TBS International Ltd. (Nasdaq:TBSI) and Eagle Bulk Shipping Inc. (Nasdaq:EGLE).

Here are the biggest percentage gainers among small caps:

Small-cap stocks jumped higher on the opening, lifted by news of a large fiscal stimulus plan out of China, and by a surge in commodity-related shares. At 9:54 a.m. ET, the Russell 2000 (NYSE:IWM) was up 5.81, or 1.15%, at 511.60.

China, which houses the world’s fourth-largest economy and which single-handedly accounted for 27% of global growth last year took an aggressive stance to stir up business activity, announcing plans for a fiscal stimulus package of $586 billion, primarily for infrastructure purposes. Traders saw the news as a good sign to help counter global slowing, and to perk up demand for commodities.

Crude oil prices were up nearly $4 a barrel, gold jumped 4% and copper prices surged about 8% overnight. BHP Billiton, the world’s largest mining company, soared some 13% ahead of the opening. In fact, metals and mining stocks were the top early performers today. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) was up 11%, while Titanium Metals Corp. (NYSE:TIE) was up 4.2% and Newmont Mining Corp. (NYSE:NEW) was up 6.3%

In a research report this morning, analysts at Goldman Sachs said the China stimulus plan was “a major measure that signals the government's commitment to address the gathering signs of economic weakness in China. While the total size of the stimulus is still unclear (the headline total appears to rely on a smaller federal government commitment and may include some spending that would have occurred anyway), there is no doubt that this is a large and positive step … as we have argued before, more aggressive stimulus outside the US is a necessary and welcome development in dealing with the current broad-based global slowdown. Alongside European monetary easing last week (and the United Kingdom's particularly large move), we seem to be heading more firmly in the right direction on this front.”

Financial shares got a lift from a G20 statement over the weekend saying that “coordinated” action was needed to fight the global financial crisis, which spurred hope for further central bank rate cuts around the world. Citigroup Inc. (NYSE:C) was up 3.3%, while JP Morgan Chase and Co. (NYSE:JPM) was up 1%.

Some traders were still debating the impact of last Friday’s employment . . .

DryShips Inc. (Nasdaq:DRYS), A Power Energy Generation Systems Ltd. (Nasdaq:APWR) and Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Canadian Solar Inc. (Nasdaq:CSIQ), XenoPort Inc. (Nasdaq:XNPT), CastlePoint Holdings Ltd. (Nasdaq:CPHL), SM&A (Nasdaq:WINS), Delta Petroleum Corp. (Nasdaq:DPTR) and Clean Energy Fuels Corp. (Nasdaq:CLNE).

Here are the most actively traded companies among small caps:

Insight Enterprises Inc. (Nasdaq:NSIT), Delta Petroleum Corp. (Nasdaq:DPTR) and Macquarie Infrastructure Co LLC (Nasdaq:MIC) are among the new 52-week lows in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Griffin Land & Nurseries Inc. (Nasdaq:GRIF), Chiquita Brands International Inc. (Nasdaq:CQB), Kansas City Life Insurance Co. (Nasdaq:KCLI), comScore Inc.(Nasdaq:SCOR), Fossil Inc (Nasdaq:FOSL) and Brooks Automation Inc. (Nasdaq:BRKS).

Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report. Today’s monthly employment release showed unemployment at 14-year highs, but the market was oversold and a dreary report was already priced into expectations. Today’s small-cap gainers are LandAmerica Financial Group (NYSE:LFG), Fuel Systems Solutions Inc. (NYSE:FNF) and Zhongpin  (Nasdaq:HOGS).

Other Market Watch highlights today included:

• Energy stocks performed well in Europe ahead of the jobs report this morning; commodities in general have been clobbered again this week and could be ripe for a little corrective bounce.  
• Crude oil edged slightly higher this morning, mimicking minor losses in the U.S. dollar.  
• Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report.  
• The market is coming off the worst two-day drop since the 1987 crash, leaving room for a corrective bounce ahead of the weekend. 

Small Cap Gainers:

• LandAmerica Financial Group stormed 78% higher on news that Fidelity National Financial will buy LFG for $126 million in stock. See (NYSE:LFG).
• Fuel Systems Solutions Inc. is up 26%, receiving an earnings lift. See (NYSE:FNF).  
• Zhongpin expands prepared meat capacity by 114%; shares up nearly 12% in pre-market. See (Nasdaq:HOGS).
• Bristow upbeat on Randgold Resources despite 3Q loss; shares of Randgold are 4% higher in pre-market. See (Nasdaq:GOLD).  

Small Cap Losers:

• Delta Petroleum Corp. is down 31%, gapping lower on news that Tracinda Corp. will not proceed with a previous tender offer. See (Nasdaq:DPTR).  
• Genworth Financial sliding 24% in pre-market, Q3 results down versus a year ago. See (NYSE:GNW).  
• Shares of Lear Corp. are down 24% after the automotive supplier recorded a $77.3 million loss in Q3. See (NYSE:LEA). 
• Suntech Power Holdings completes solar photovoltaic installation at Caltech on Wednesday; shares are dropping 24% today. See (NYSE:STP).  

Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report. Today’s monthly employment release showed unemployment at 14-year highs, but the market was oversold and a dreary report was already priced into expectations. At 9:57 a.m. ET, the Russell 2000 (NYSE:IWM) was up 2.57, or 0.52%, at 498.41.

The employment report showed a decline on non-farm payrolls of 240,000, which was above the early consensus forecast for a decline of 180,000, but which was in line with some of the “whisper” numbers making the rounds the last couple of days. Just yesterday, researchers at Goldman Sachs raised their forecast to a loss of 300,000, and considering upward revisions to August and September data they basically hit the number.

It was interesting to see the initial response, which was that “yes, the report is awful, but it’s not a surprise.” There is also a mentality that the market was already coming off the worst two-day collapse since 1987, so a fair amount of bad news on the jobs front was already priced into things.

Still, the numbing headline off the jobs report is that unemployment spiked to 6.5%, the highest point since 1994. However, even that scary thought has been priced into the market mentality, as many economists already cautioned that unemployment could reach 8% by next year. In a perverse way, there was some “hope” that this awful jobs report would simply speed up another stimulus program from the government.

President-elect Barack Obama is slated to hold his first post-election news conference later this afternoon after meeting all day in Chicago with a team of economic advisors. Aides to Obama have already said this morning that he will not announce any . . .

Syniverse Hldg Inc. (Nasdaq:SVR), Warnaco Group Inc. (Nasdaq:WRC) and Brookdale Senior Living Inc. (Nasdaq:BKD) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: SRA International Inc. (Nasdaq:SRX), Willbros Group Inc. (Nasdaq:WG), AnnTaylor Stores Corp. (Nasdaq:ANN), Tecumseh Products Co. (Nasdaq:TECUA), TBS International Ltd. (Nasdaq:TBSI) and Delta Petroleum Corp. (Nasdaq:DPTR).

Here are the biggest percentage losers among small caps:

JA Solar Holdings Co Ltd. (Nasdaq:JASO), Delta Petroleum Corp. (Nasdaq:DPTR) and DryShips Inc. (Nasdaq:DRYS) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), United Natural Foods Inc. (Nasdaq:UNFI), Canadian Solar Inc. (Nasdaq:CSIQ), Clean Energy Fuels Corp. (Nasdaq:CLNE), A Power Energy Generation Systems Ltd. (Nasdaq:APWR) and Osiris Therapeutics Inc. (Nasdaq:OSIR).

Here are the most actively traded companies among small caps:

Small-cap stocks staged an impressive rally into midday trading, bolstered by signs of thawing in the credit market freeze, month-end bargain hunting and a renewed appetite for riskier market bets amid hope that the October collapse in equities has already priced in the worst of the economic news. Today’s small-cap gainers are Delta Petroleum (Nasdaq:DPTR), US Airways Group Inc. (NYSE:LCC) and China Eastern Airlines Corp. Ltd. (NYSE:CEA).

Other Market Watch highlights today included:

• On the radar screen for this afternoon’s trading is an appearance by Federal Reserve Chairman Ben Bernanke, who will talk about the mortgage market and the economy.  
• Looking ahead to next week, the market will get a douse of several key economic indicators, including the big employment report a week from today. 
• Today's reports on personal income, the employment cost index and consumer sentiment were rather tame and clearly overshadowed by enthusiasm that October is coming to an end.  
• Inter-bank lending rates have tumbled to the 3% zone, down some 14 consecutive trading sessions, and well off the peak above 5% at the beginning of October.  
• The top-performing sector so far today has been casinos, followed up by homebuilders, semiconductor equipment, airlines, insurance brokers, construction materials and wireless telecoms.

Small Cap Gainers:

• Delta Petroleum up 10% on Kerkorian Plan to increase holdings. See (Nasdaq:DPTR).
• US Airways Group Inc. is rallying 11% and hit the highest price since March. See (NYSE:LCC).  
• China Eastern Airlines Corp. Ltd. gapped higher and soared 27%. See (NYSE:CEA).  
• United Stationers Q3 profit rises on higher sales, one-time gains. Shares are treading 17% higher. See (Nasdaq:USTR).  


Small Cap Losers:

• Protective Life Corp. down 20% on higher-than-average volume. See (NYSE:PL). 
• CommScope Q3 profit rises; sees Q4 revenue below consensus; cuts FY08 revenue outlook. Shares are slumping 26%. See (NYSE:CTV).  
• Flagstar Bancorp clocks a loss in 2008 Q3 results; shares dive 26%. See (NYSE:FBC).
• Sunrise Senior Living announces transaction has been terminated. Shares are down 34%. See (NYSE:SRZ).  

Adtran Inc. (Nasdaq:ADTN), Delta Petroleum Corp. (Nasdaq:DPTR) and UAL Corp. (Nasdaq:UAUA) are among the most actively traded companies in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: DryShips Inc. (Nasdaq:DRYS), Canadian Solar Inc. (Nasdaq:CSIQ), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), James River Coal Co. (Nasdaq:JRCC), JA Solar Holdings Co Ltd. (Nasdaq:JASO) and Rambus Inc. (Nasdaq:RMBS).

Here are the most actively traded companies among small caps: