NEW YORK (MainStreet) — The U.S. unemployment rate rose to 6.7% from 6.6%, while the economy added 175,000 jobs in February. Pension Partners research director Charlie Bilello tells TheStreet's Joe Deaux that despite the slight rise in unemployment, the gains in payrolls is positive for the market. Bilello says a rise in stocks and a dip in bond yields after the latest payrolls report suggests that investors are betting that the extreme cold weather this winter has been the culprit of recent weak economic data.

--Written by Joe Deaux