Markets

As tentative and nervous as this market's been lately, investors sure don't seem too squeamish about going long into the weekend. Amid a weaker than expected payroll report (see below), stocks surged late for the second Friday running. All the major proxies ended squarely in the black.

Technology led the charge. The

Nasdaq Composite Index

rocketed 74.64 to 2477.96, and

TheStreet.com Internet Sector

index added 19.05 to 553.35; the

Dow Jones Industrial Average

136.15 to 10,799.84; the

S&P 500

grew 28.17 to 1327.71; and the small-cap

Russell 2000

fattened up 6.35 to 442.33.

The big European indices finished mixed, led on the upside by the Frankfurt

Dax

, which surged about 2.2%. France's

CAC

and London's

FTSE

settled in shallow negative and positive territory, respectively.

In Brazil, the volatile

Bovespa

was up about 2.4% late in the afternoon session.

Asian markets were split overnight, as Hong Kong's

Hang Seng

dropped 56.07 to 12,415.54, while Tokyo's

Nikkei

added 73.25 to 16,300.75.

More markets action and news is available in

TSC's

Markets section.

Companies

This is not a sexy deal: Adhesive label maker

Avery Dennison

(AVY) - Get Avery Dennison Corporation Report

is buying reflective safety products firm

Stimsonite

(STIM) - Get Neuronetics, Inc. Report

for about $137 million.

Deutsche Bank

is now the world's largest bank, having today completed its purchase of U.S. investment bank

Bankers Trust

.

Procter & Gamble

(PG) - Get Procter & Gamble Company Report

is expected to announce next week that it will cut thousands of jobs worldwide, close some underperforming plants and take a sizable charge in an effort to become more competitive and to improve profits,

The New York Times

reported.

SkyTel Communications

(SKYT)

shareholders filed a $1.3 billion lawsuit against

MCI WorldCom

(WCOM)

, charging it with committing securities fraud by misleading investors about its intention to buy SkyTel.

A

Federal Trade Commission

judge dismissed a government case charging

Visx

(VISX)

with withholding information on its vision-correction lasers from patent examiners. The FTC staff can appeal the decision.

More news on companies and stocks is available in

TSC's

TheStreet Recommends

Stock News section.

Tech

Beyond.com

(BYND) - Get Beyond Meat, Inc. Report

and

Intellisys Technology

, along with

Microsoft

(MSFT) - Get Microsoft Corporation (MSFT) Report

, last night said they won a software contract with the

Internal Revenue Service

worth $121 million. That's small potatoes to Softee, but not to an earnings-starved Net company like Beyond.com: It gained 4 11/16, or 26.9%, to 22 1/4 after

Credit Suisse First Boston

raised its fiscal 1999 earnings estimate to a loss of $3.88 a share from a loss of $3.90.

Internet investment bank

Wit Capital

(WITC:Nasdaq) added 5 13/16, or 64.6%, to 14 7/8 after being priced last night at $9 a share, at the top of its pricing range, by lead underwriter

Bear Stearns

.

More tech news and commentary is available in

TSC's

Tech Stocks section.

General News

Hillary Rodham Clinton

formally announced that she'll form an exploratory committee in July to prepare for a possible run for the

Senate

from New York.

The

Labor Department

released its

nonfarm payrolls

report, which showed a puny 11,000 jobs added in May, far short of 216,000 expected by economists and down from last month's 234,000. The unemployment rate fell 0.1 percentage point to 4.2% and hourly earnings gained 0.1 percentage point to 0.4%. Those numbers were forecast to come in at 4.3% and 0.3%, respectively.

President Clinton

said that although he is "anxious to end the bombing,"

NATO

air strikes will continue until the alliance sees evidence that Yugoslav forces are withdrawing from Kosovo. NATO war planes struck Serb targets last night; the Yugoslavian Parliament approved a Kosovo peace agreement yesterday.

Federal Reserve

Vice Chairwoman

Alice Rivlin

is stepping down after three years in that position. She plans to join the

Brookings Institution

, a Washington-based think tank.

TSC

reported on

the news late yesterday.

International

French defense and aerospace giant

Aerospatiale Matra

began trading on the

Paris Bourse

today. The stock surged early as much as 17%.

More international news and commentary is available in

TSC's

International section.

Elsewhere

Rock and roll is not what it used to be.

Dave Matthews

of the

Dave Matthews Band

broke two ribs last week while trying to catch grapes tossed in his mouth by fellow bandmates, Matthews' publicist said yesterday.

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