What a difference a day makes. Or two days. Or in some cases a week.

All was well in Internet land as investors seemed satisfied the sharp

drop in technology shares earlier in the week had run its course.

TheStreet.com Internet Sector

index was up 54.75, or 5.6%, to 1026.73 in recent trading.

TheStreet.com New Tech 30 was up 35.82, or 5.6%, at 677.53. The

Nasdaq

was up 131.07, or, 3.1%, to 4300.29.

While short-covering has likely contributed to the gains, traders were also scooping up some issues that were hot just a couple weeks ago, but took some big hits of late. Traders were showing some restraint ahead of tomorrow's

employment report, which could go a long way toward determining whether the rally continues or dies. Our own

James Padinha

reveals some of his thoughts on the employment report in a

piece that ran yesterday.

Investors were cautiously buying back some favorite issues in the business-to-business arena, which have had their ups and downs of late.

Vignette

(VIGN)

traded as high as 302 on March 10, then lost 200 points to trade as low as 102 on April 4. It was recently up 19 3/4 or 12%, to 187 7/8.

FreeMarkets

(FMKT)

lost more than half of its value when it fell from 198 3/4 on March 13 to 90 1/2 on April 4. It was up 7 1/2, or 7%, to 108 1/2.

E.piphany

(EPNY)

lost roughly 75% of its value when it dropped from 324 7/8 on March 10 to 78 1/8 on April 4. It was up 6, or 5.6%, to 114.

Kana Communications

(KANA)

went from 175 1/2 on March 10 to 41 on April 4. Kana was up 4 3/4, or 9%, to 58 1/2. Finally,

InfoSpace

(INSP) - Get Report

went from 277 on March 3 to 84 3/8 on April 4. It was recently up 16 13/16, or 15%, to 121 15/16.