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Dow up 142.56;
Nasdaq soars 231

Associated Press

NEW YORK - The Nasdaq composite index wrapped up its best week in history today as investors poured money back into the technology stocks they had abandoned amid fears of rising interest rates. Stocks soared after the government's employment report raised hopes that economic growth is slowing to a less inflationary pace.

The Nasdaq rose 230.88 points, or by 6.4 percent, to close at 3,813.38. The index rose 608 points for the week - a stunning 19 percent gain that easily eclipsed the previous record of a 9.7 percent gain from April 17-21. The Nasdaq's dramatic recovery was just part of a broad-based advance that saw every major market index post sharp gains. The Dow Jones industrial average rose 142.56 points, or 1.3 percent, to close at 10,794.76. For the week, the Dow shot up 495.52 points, or 4.8 percent. The Standard & Poor's 500 rose 28.45, or 2 percent, to 1,477.26. The Nasdaq and Dow are now down slightly more than 6 percent for the year to date, while the S&P 500 is half a percentage point in positive territory.

"We are now hearing talk again of the Nasdaq going above 4,000 and the Dow through 11,000, which we didn't think we'd hear so soon," said Alan Ackerman, of Fahnestock & Co.

Advancers beat decliners by a 5-to-2 margin on the New York Stock Exchange, with 2,203 up, 852 down and 337 unchanged. NYSE volume totaled 1.16 billion shares vs. 955.84 million yesterday. The NYSE composite index gained 8.23 to 659.69; the American Stock Exchange composite Russell 2000 index rose 20.56 to 513.03.

The Treasury's two-year note rose point, or $1.25 per $1,000 face amount, while its yield fell 8 basis points to 6.5 percent. The most active 10-year note rose 11/32; its yield dropped 5 basis points to 6.14 percent, also a five-week low. The 30-year bond was virtually unchanged with the yield holing at yesterday's 5.95 percent.