Wall Street rises due to positive payrolls report

       US stocks closed higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high.
       The market was relatively flat in morning trade before sharply rising around noon, with all major indices gaining around 1%.
       "Yes, the unemployment rate was a little worse than expected, but the wild card was the non-farm payrolls, which came out better than forecast," said Robert Francello, head of equity trading for Apex Capital in San Francisco.
       "It's providing relief as we get near the close, and some people are covering shorts here before the long weekend."
       Gains were broad-based, with technology shares leading the charge.Semiconductor stocks rose after Intel Corp's chief executive said ageing personal computers and Microsoft's launch of Windows 7 will prompt companies to start spending on PCs next year.
       Intel was up 1.1% at $19.64 and Microsoft closed at $$24.62, up 2.1%, both in Nasdaq trading.
       The PHLX semiconductor index rose 2.7%. Novellus rose 2.9% to $19.63 after the semiconductor manufacturing tool maker lifted its forecasts for the current quarter.
       The Dow Jones industrial average climbed 96.66 points, or 1.03%, to end at 9,441.27. The Standard & Poor's 500 Index gained 13.16 points, or 1.31%, to 1,016.40. The Nasdaq Composite Index rose 35.58 points, or 1.79%, to close at 2,018.78. But for the week, the Dow was down 1.1%, the S&P 500 was off 1.2%and the Nasdaq lost 0.5% due to a sharp sell-off in the first three days of the week.
       Declines in payrolls for August were the smallest in a year, but the unemployment rate rose to a level not reached since June 1983, according to the Labour Department. Wall Street views a rebound in the labour market as a key component to an economic recovery.