Technology stocks soared and led on the upside as the market closed out the week out on a high note.

The tech-stock laden

Nasdaq Composite Index

paced the market's major indexes. The

Nasdaq 100

jumped 3.9%, while the

Philadelphia Stock Exchange Semicondutor Index

surged 5.7%. Bargain hunting was cited in part for the lift in the tech sector.

On the economic front, market participants absorbed a mixed May

employment report

. The

Labor Department

reported that

nonfarm payrolls

in May only rose 11,000. The April nonfarm payrolls total was revised to 343,000 from the previously reported 234,000.

The unemployment rate, meanwhile, dropped to 4.2% in May from 4.3% in April. Average hourly earnings, a closely followed gauge of wage inflation, increased 0.4%, or 5 cents, to $13.19 in May, more than economists expected.

The consensus among economists surveyed by

Reuters

called for the addition of 216,000 nonfarm jobs, and for the unemployment rate to be unchanged at 4.3%.

On the

New York Stock Exchange

, advancers beat decliners 1,822 to 1,099 on 694 million shares. On the

Nasdaq Stock Market

, winners beat losers 2,235 to 1,689 on 880 million shares.

On the NYSE, 65 issues set new 52-week highs while 46 touched new lows. On the Nasdaq, 86 issues set new highs while new lows totaled 46.

On the Big Board,

America Online

(AOL)

was most active, with 27.3 million shares changing hands. It was up 10 3/4, or 10%, to 116 1/2.

On the Nasdaq,

Intel

(INTC) - Get Report

was most active, with 24.7 million shares changing hands. It was up 2 3/4 to 53 3/16.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup

2:51 p.m.: Stocks Remain Higher as Tech Sector Jumps

Stocks were higher going into the final hour of trading with technology stocks putting on a strong showing, while the 30-year Treasury bond was rolling into the weekend on the soft side.

In the tech sector, semiconductor stocks gained solidly.

Intel

(INTC) - Get Report

was up 1 15/16 to 52 3/8.

Meanwhile, the

Nasdaq 100

was up 2%. In addition to Intel, other Nasdaq heavyweights gained.

Cisco

(CSCO) - Get Report

was up 3 1/2 to 112 5/16;

Microsoft

(MSFT) - Get Report

was up 2 to 78 3/8; while

Dell

(DELL) - Get Report

was up 1/8 to 33 3/8.

In

TheStreet.com Internet Sector

index, the biggest gainer was

Yahoo!

(YHOO)

, which was up 3 15/16 to 139 1/8.

Drug stocks were solidly higher. The

American Stock Exchange Pharmaceutical Index

was up 3%.

Leading the news today was word on the economy. The

Labor Department

reported that

nonfarm payrolls

expanded by 11,000, less than economists expected. Meanwhile, the unemployment rate fell to 4.2% from 4.3% in April. Nonfarm payroll figures for April were revised upward to 343,000, compared to the previously reported gain of 234,000.

The consensus among economists surveyed by

Reuters

called for the addition of 216,000 nonfarm jobs, and for the unemployment rate to be unchanged at 4.3%.

Average hourly earnings, a closely followed gauge of wage inflation, increased 0.4%, or 5 cents, to $13.19 in May.

On the

New York Stock Exchange

, advancers were beating decliners 1,558 to 1,302 on 526 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,977 to 1,783 on 667 million shares.

On the NYSE, 56 issues had set new 52-week highs while 41 had touched new lows. On the Nasdaq, 64 issues had set new highs while new lows totaled 39.

On the Big Board,

America Online

(AOL)

was most active, with 15 million shares changing hands. It was up 1 1/16 to 106 13/16.

On the Nasdaq,

Oracle

(ORCL) - Get Report

was most active, with 20 million shares changing hands. It was up 11/16 to 28 3/16.

1:54 p.m.: Tech Sector Keeps Leading the Climb

The tech sector was enjoying a sizable advance, regaining a bit of the ground it has given up lately.

The

Nasdaq 100

, which is up 2% today, is currently 8% off its closing high set on April 26. The

Nasdaq Composite Index

, which also closed at a record high on April 26, this afternoon was also 8% off that level.

The big May

employment report

offered up investors conflicting signals. Nonfarm payrolls expanded by 11,000, much less than economists expected; however, the unemployment rate fell to 4.2% from 4.3% in April. But nonfarm payroll figures for April were revised upward to 343,000, compared to the previously reported gain of 234,000.

The consensus among economists surveyed by

Reuters

called for the addition of 216,000 nonfarm jobs, and for the unemployment rate to be unchanged at 4.3%.

Average hourly earnings, a closely followed barometer of wage inflation, increased 5 cents to $13.19 in May, more than economists predicted.

The beaten-up high price-to-earnings ratio drug sector was enjoying a solid session so far, along with other growth stocks. The

American Stock Exchange Pharmaceutical Index

was up 2%.

On the

New York Stock Exchange

, advancers were beating decliners 1,508 to 1,310 on 451 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,928 to 1,708 on 579 million shares.

On the NYSE, 52 issues had set new 52-week highs while 37 had touched new lows. On the Nasdaq, 59 issues had set new highs while new lows totaled 36.

On the NYSE,

America Online

(AOL)

was most active, with 13 million shares changing hands. It was up 5/8 to 106 3/8.

On the Nasdaq,

Oracle

(ORCL) - Get Report

was most active, with 17 million shares changing hands. It was up 7/8 to 38 5/16.

Focus: Today's Trading Debuts

A couple of stocks making their trading premieres today were posting handsome gains, while another wasn't moving much at all.

Wit Capital

(WITC:Nasdaq) was enjoying a nice pop in its trading debut. It was up 5 5/16, or 59%, to 14 5/16. Its 7.6-million IPO was priced by Bear Stearns at $9 a share yesterday. The company is an Internet investment banking and brokerage firm.

TheStreet.com

wrote about Wit Capital in a story

this morning.

Elsewhere

High Speed Access

(HSAC:Nasdaq), a company which provides Internet access via cable modem, was up 6 3/8, or 49%, to 19 3/8, in its trading debut.

Lehman Brothers

priced High Speed Access' 13-million-share IPO top-range at $13 a share yesterday.

Meanwhile,

Network Access Solutions

(NASC:Nasdaq) was up 1/16 to 12 1/16.

Donaldson Lufkin & Jenrette

priced its 7.5-million-share IPO below-range at $12 a share yesterday. The price range for the data communications company's offering was $14 to $16.

12:48 p.m.: Midday Musings: Techs Bounce but Jobs Report Leaves Uncertainty in Place

12:00 p.m.: Tech Sector Continues to Lead the March Higher

The technology sector continued to sport strong gains while blue-chips -- which rallied late in

yesterday's session -- were lagging.

The blue-chip

Dow Jones Industrial Average

was boosted the most by

American Express

(AXP) - Get Report

.

Meanwhile,

Wit Capital

(WITC:Nasdaq) was enjoying a nice pop in its trading debut. It was up 5 13/16, or 65%, to 14 13/16. Its 7.6-million IPO was priced by

Bear Stearns

at $9 a share. The company is an Internet investment banking and brokerage firm.

TheStreet.com

wrote about Wit Capital in a story

this morning.

Elswhere

High Speed Access

(HSAC:Nasdaq), a company which provides Internet access via cable modem, was up 6 7/16, or 50%, to 19 1/2, in its trading debut.

Lehman Brothers

priced High Speed Access' 13-million-share IPO top-range at $13 a share.

Dominating the news today has been the release of the much-anticipated May

employment report

, which was mixed. Nonfarm payrolls in May grew only 11,000, much less than expectations. April nonfarm payroll figures, however, were revised to 343,000, up from the previously reported gain of 234,000.

The unemployment rate dropped to 4.2% in May from 4.3% in April. Average hourly earnings, a closely followed barometer of wage inflation, increased 5 cents to $13.19 in May.

The consensus among economists surveyed by

Reuters

called for the addition of 216,000 nonfarm jobs, and for the unemployment rate to be unchanged at 4.3%.

In the wake of the news, Treasuries were little changed.

On the

New York Stock Exchange

, advancers were beating decliners 1,517 to 1,146 on 306 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,830 to 1,511 on 393 million shares.

On the NYSE, 42 issues had set new 52-week highs while 25 had touched new lows. On the Nasdaq, 52 issues had set new highs while new lows totaled 30.

On the NYSE,

America Online

(AOL)

was most active, with 10 million shares changing hands. It was up 2 3/4 to 108 1/2.

On the Nasdaq,

Oracle

(ORCL) - Get Report

was most active, with 13 million shares changing hands. It was up 15/16 to 28 7/16.

Tech Focus

Tech sector gauges were higher. The

Nasdaq 100

and the

Morgan Stanley High-Tech 35

were up 2%. The

Philadelphia Stock Exchange Computer Box Maker Index

was up 1%.

The

Philadelphia Stock Exchange Semiconductor Index

was up 3%. Chip behemoth

Intel

(INTC) - Get Report

was up 2 to 52 7/16.

In the news,

Quantum

(QNTM)

, a computer disk-drive maker, was tumbling, down 1 7/16, or 7%, to 18 1/8. After the close, the company said it sees first-quarter earnings of 5 to 15 cents a share, citing aggressive pricing in the desktop hard-drive market. The

First Call

11-analyst forecast called for 31 cents vs. the year-ago 2 cents. The company also sees first-quarter revenue coming in below the fourth quarter's.

11:03 a.m.: Tech Sector Leading March Higher

The thrashed technology sector was solidly higher, as the

Nasdaq Composite Index

was leading the market's major gauges on the upside, in the wake of the release of the May

employment report

early this morning.

The

Nasdaq 100

was up 2%. Tech sector and Nasdaq titans

Cisco

(CSCO) - Get Report

,

Dell

(DELL) - Get Report

,

Intel

(INTC) - Get Report

and

Microsoft

(MSFT) - Get Report

all advanced.

Semiconductors and computer makers were notable gainers. The

Philadelphia Stock Exchange Semiconductor Index

was up 3%. The

Philadelphia Stock Exchange Computer Box Maker Index

was up 1%.

Tech stocks were rallying, according to some, as market participants view the recent selloff in the sector as being overdone.

Internet stocks were enjoying solid gains in the wake of the sector's recent troubles. The biggest gainer in

TheStreet.com Internet Sector

index was

Yahoo!

(YHOO)

, which was up 4 to 139 3/16.

The aforementioned employment report, however, was viewed as mixed overall.

Nonfarm payrolls in May grew only 11,000, much less than expectations. That light number was overshadowed, however, by a huge upward revision in the April nonfarm payroll figures, which were revised to 343,000, up from the previously reported gain of 234,000.

The unemployment rate, despite only paltry gains in nonfarm payrolls, dropped to 4.2% in May from 4.3% in April. Average hourly earnings, a closely followed barometer of wage inflation, increased 5 cents to $13.19 in May.

The consensus among economists surveyed by

Reuters

called for the addition of 216,000 nonfarm jobs, and for the unemployment rate to be unchanged at 4.3%.

Stocks and bonds have been weak lately on fears that the

Federal Open Market Committee

will hike interest rates when it meets later this month in an effort to cool off the steamy economy. The July fed funds futures contract, used as a benchmark for what direction the Treasury market believes Fed policy will take, was lately at 4.96%, and is now factoring in an 84% chance of a rate hike. The FOMC's next meeting is slated for June 29 and 30.

Oil service stocks, which rallied handsomely yesterday, were softer. The

Philadelphia Stock Exchange Oil Service Index

was down fractionally.

Philip Roth, chief technical analyst at

Morgan Stanley Dean Witter

, said that he thinks this is an interim rally, with the market deteriorating intermediate term.

Roth said the first hurdle for the averages will be about 1318 on the S&P 500 and approximately 10,750 on the

Dow Jones Industrial Average

. Getting through those levels would establish a minor base and then the next target for the Dow would be around 10,950 and roughly about 1350 on the

S&P 500

, give or take, he said.

The technician said it's possible the averages can make new highs in the summer, but it's not likely.

He said it's important for people to move money from growth stocks and move to energy, capital goods and basic industry stocks.

While there was notable strength in stocks, Treasuries were little changed.

Roth said he doesn't think the long bond will move through the 6.10% level easily and he thinks bonds will make a stand at that level. However, in the second half of the year, he sees the long bond's yield rising above 6.25%.

On the

New York Stock Exchange

, decliners were beating advancers 1,438 to 1,069 on 220 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,731 to 1,364 on 281 million shares.

On the NYSE, 33 issues had set new 52-week highs while 19 had touched new lows. On the Nasdaq, 41 issues had set new highs while new lows totaled 24.

On the NYSE,

America Online

(AOL)

was most active, with 9 million shares changing hands. It was up 2 to 107 3/4.

On the Nasdaq,

Quantum

(QNTM)

was most active, with 9 million shares changing hands. It was down 1 7/16 to 18 1/8. Yesterday the company issued a first-quarter earnings warning.

10:00 a.m.: Stocks Higher After Mixed Jobs Report

Stocks and Treasuries were higher in the wake of a mixed May

employment report

.

After the release of the jobs data at 8:30 a.m. EDT, stock futures and bond cash and futures traders were scratching their heads trying to decide what to make of the data. Nonfarm payrolls grew only 11,000, dramatically less than what economists were expecting. But April nonfarm payroll figures were revised higher to 343,000 from the previously reported gain of 234,000.

The unemployment rate, however, dropped to 4.2% in May, down from 4.3% in April. Average hourly earnings, a closely followed barometer of wage inflation, increased 5 cents to $13.19 in May.

The consensus among economists surveyed by

Reuters

called for the addition of 216,000 nonfarm jobs, and for the unemployment rate to be unchanged at 4.3%.

On the new issue front,

Wit Capital

(WITC:Nasdaq) will make its trading debut today. Its IPO was priced at $9.

TheStreet.com

wrote about Wit Capital in a story

this morning.

Most Up at Open -- NYSE

Tommy Hilfiger (TOM) , up 2 1/2 to 77 1/4

: The company reported fiscal fourth-quarter earnings of 97 cents a share, blowing past the

First Call

13-analyst estimate of 90 cents. The company also set a 2-for-1 stock split.

Most Up at Open -- Nasdaq

VISX (VISX) , up 11 3/8 to 66 1/8

: An administrative law judge has ordered a

Federal Trade Commission

complaint against VISX it to be dismissed, VISX said.

Most Down at Open -- NYSE

Seagate Technology (SEG) , down 1 1/2 to 31

.

Most Down at Open -- Nasdaq

Exchange Applications (EXAP) , down 4 1/4 to 22

: The software firm said it has completed a second public offering of 3 million shares of common stock at $22 a share.