The Nasdaq composite index wrapped up its best week to date yesterday as US 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 was slowing to a less inflationary pace.

The Nasdaq rose 230.85 points, or by 6.4 per cent, to close at 3,813.35. The index rose 608 points for the week - a stunning 19 per cent gain that easily eclipsed the previous record of a 9.7 per cent gain from April 17th-21st.

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, to close at 10,794.76.

Broader stock indicators were also sharply higher. The Standard and Poor's 500 rose 28.45 to 1,477.26.