A fastener applying tool driven by air in a driving stroke and a return stroke featuring noise and recoil reduction and increased efficiency, driving force, and speed of operation. Air directed into the main cylinder to force the main piston through its driving stroke is stored in a chamber to rapidly return the main piston. Air compressed by the main piston at one end of the main cylinder is used to form an air cushion to keep the main piston from striking the bottom of the cylinder. The main piston cycles within a slidably mounted main cylinder. Pressurization of one end of the main cylinder during the driving stroke repositions the main cylinder to close the main valve to shut off high pressure air from the main piston and open a valve to vent the air above the piston to atmosphere. Upward movement of the cylinder and rapid return of the piston significantly reduces the recoil force normally experienced in such a tool. A valve assembly coaxially located at the opposite end of the main cylinder functions to admit and exhaust air to pressurize and vents the piston and main cylinder respectively. Noise suppression is achieved by an elastomeric cap. Rapid acting components reduce air wastage and improve overall tool efficiency.