This column outlined some of the fundamental reasons why the market might rally today even if the employment report was strong

yesterday. That's pretty much the scenario that played out, though it may be difficult for the market to build on today's gains.

TheStreet.com Internet Sector

index closed up 8.19, or 0.9%, at 897.76, trading within an extremely tight range of 886.84 and 906.97. The

Nasdaq

finished up 96.58, or 2.6%, at 3816.82. Gains came despite the above-mentioned strong employment

report, which didn't really tell the market or Fed watchers anything they didn't already know. And while some prognosticators were claiming that today's report sealed an increase of 50 basis points from the Federal Reserve when it meets later this month, that too was what the market had gone a ways toward pricing in over the past couple of weeks.

Bottom line, the market can have days like today, and even be able to build on today's gains early next week. But with the Fed meeting on May 16, and the

Consumer Price Index

being reported on the same day, the market appears set for more back-and-forth trade as has been the status quo of late.

Among stocks in the news,

CDNow

(CDNW)

, which earlier this

week reiterated that it was actively seeking a partner, got one today when Mexican billionaire Carlos Slim Helu said he had

bought a 9.2% stake in the online music company for $52.8 million.

Elsewhere, e-tailers had a mixed day after

Lehman Brothers

initiated coverage of five e-tailers.

eToys

(ETYS)

, which got a less-than-favorable neutral rating, closed down 3/16, or 2.7%, at 6 13/16;

Amazon.com

(AMZN) - Get Report

, which was rated a buy and was probably the most highly spoken of the bunch, closed up 3 7/16, or 6%, at 58 1/2.

eBay

(EBAY) - Get Report

, which also was rated a buy, closed up 2 15/16, or 2%, at 135. And both

priceline.com

(PCLN)

and

drugstore.com

(DSCM)

were rated outperform. priceline finished down 1/2, or 0.9%, at 57 7/16, while drugstore.com ended up 1 1/16, or 12%, at 9 11/16.

Among the day's other big movers,

CNet

(CNET) - Get Report

closed up 3 7/16, or 9%, at 40 9/16 and

Kana Communications

(KANA)

added 6 13/16, or 14%, to 55 3/8.