Dell Computer's strong quarterly numbers put tech stock investors in a brighter mood, and an April slide in wholesale prices helped ease rate hike jitters. The markets have for the most part, already factored in a half-point rate hike ahead of the Fed's Tuesday meeting, and investors seemed content to do a little pre-weekend buying.

Despite the positive trading day, the Fed still holds the broader markets somewhat hostage, as the light volume would indicate. While many investors were breathing a sigh of relief at posting some early morning gains, by late-afternoon most had evaporated.

The ISDEX marched 1.08%, while blue chips saw a continuation of Thursday's nice rally, climbing 63.40 to 10,609.37. Mild movement to the upside sent the Nasdaq moving ahead 29.49 to 3,529.07.

Cisco thumbed its nose at Barron's criticism of its acquisition strategy as the networking bellwether announced plans to acquire Swedish-based multiplexing technology company Qeyton Systems for $800 million in stock. The acquisition will shed a nickel from Cisco's Q4 results.

Shares of Lycosedged up 1/8 to 54-1/8 following reports that had the portal company in talks with Spanish ISP Terra Networks. Majority-owned by Spanish telecomm giant Telefonica SA, Terra Networks hinted that ongoing discussions could materialize into a major alliance or perhaps even a merger.

Investors were in no mood for the new issues market, as shares of Sequoia Softwaregot a chilly reception in its debut. The XML software developer managed an underwhelming $2 gain above its $8 offering price.

Agilent Technologies roared 13-5/16 to 89-7/8 after the Hewlett-Packard spin-off announced that it has brokered a deal to acquire Salient 3 Communication's wireless subsidiary, SAFCO Technologies, for $120 million in cash. Analysts are also expecting Agilent to be added to the S&P 500 index shortly.

Internet Capital Group shed 1-11/16 to 30-1/8, after the B2B incubator posted $1.30 per share for its latest quarter. Looking to hop off the B2B bandwagon, Robertson Stephens and U.S. Bancorp Piper Jaffray scrambled over one another to drop their ratings on the company to a "buy" from a "strong buy."

VerticalNet got a modest boost from Credit Suisse First Boston, inching > higher to 40-1/16, after the underwriter reiterated a "strong buy" rating on the B2B vortal, and says it expects to see better-than-expected Q2 earnings.