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MARKET CLOSE: Tech stocks on a roll

Technology stocks closed out a strong week with impressive gains Friday as the Nasdaq composite rallied up 71 points to 4,245.99. The Dow Jones industrial average moved up 23 points to close at 10,812.05.

"What we're looking at here is a little bit more comfort in the minds of investors ... who got scared that the Fed was going to have to really tighten up in the springtime," said James Crawford, senior vice president at Trevor, Stewart, Burton & Jacobsen Inc.

The June producer price index, a measure of U.S. wholesale-level inflation, offered some more evidence of a down-shifting economy.

Microsoft (MSFT) shares closed off 1 to 78 15/16. Oracle (ORCL) inched up 3/8 to 76 1/8 and Sun Microsystems (SUNW) added 1 to 94 15/16.

On the IPO front, shares of OmniVision (Nasdaq: OVTI), a maker of for digital cameras and other devices, surged up 21, or 162 percent, to 34 in its initial public offering.

3Com (Nasdaq: COMS) picked up 9 5/16 to 73 5/8 after announcing the final Palm (Nasdaq: PALM), up 6 1/16 to 42 5/8, distribution ratio is 1.484 shares of Palm for each share of 3Com.

Online grocer Webvan (Nasdaq: WBVN) shed 1 17/32 to 7 25/32 and its merger partner (Nasdaq: HOMG) lost 1 3/8 to 6 5/8 after reporting quarterly results.

Intel (INTC) shares moved up 2 7/16 to 145 5/8. Advanced Micro Devices (AMD) added 3 7/8 to 89 3/8 and IBM (IBM) clipped 1/16 to 103 15/16.

Vitesse Semiconductor (Nasdaq: VTSS) dropped 11 1/8 to 75 9/16 after reporting its third-quarter earnings.

Among widely held PC stocks, Dell (DELL) rose 1/8 to 53 1/16; Compaq (CPQ) tacked on 1/2 to 27 11/16; Gateway (GTW) shed 4 1/8 to 66 3/8 after topping estimates in its latest quarter and Apple Computer (AAPL) closed up 1 3/16 to 57 11/16.

Internet stocks enjoyed strong gains Friday, led by Yahoo! (YHOO) which closed up 5 7/16 to 128. America Online (AOL) rose 3 9/16 to 61 13/16 while (AMZN) and eBay (EBAY) closed up 7 1/2 and 7 3/4 a share, respectively.