[BRIEFING.COM] A lack of surprises in the latest FOMC policy statement prompted participants to push stocks to fresh 52-week highs. The advance was broad based with advancing issues outnumbering decliners by 4-to-1 in the S&P 500.

Given the potential impact of the latest FOMC policy statement, market participants were inclined to ignore early economic data. Among the reports, annualized housing starts for February hit a higher-than-expected rate of 575,000 and building permits for February made a smaller-than-expected dip to an annualized rate of 612,000. Meanwhile, import prices made a slightly steeper-than-expected 0.3% monthly dip in February.

Though the reports failed to move the market, a weaker dollar helped stocks sport modest gains ahead of the Fed statement. The dollar dropped 0.7% against competing currencies this session. The euro and British pound were especially strong after it was announced that Europe's officials have come to a consensus about how to provide financial aid to Greece. Though specific figures weren't shared, bilateral loans are expected to play a key part in the plan. That was still enough to compel credit analysts at S&P to take Greece off of CreditWatch, even though the analysts have a negative outlook on the country.

Once the FOMC released its statement that it continues to target a federal funds rate from 0.00% to 0.25% and that it expects an exceptionally low level for an extended period of time, stocks were able to extend their gains. Initially the advance encountered resistance, but financials emerged to provide the broader market with leadership.

Financials, which had traded quietly ahead of the statement, finished trade with a 1.3% gain. The sector was led by bank stocks, which advanced 1.7%, as measured by the KBW Bank Index.

Of the major sectors, materials stocks made the best gains, though. They climbed a collective 1.5% amid support from steel stocks (+2.9%) and gold stocks (+3.2%).

The advance by basic materials stocks was helped by both broader market support and strength among commodity prices. In general, the CRB Commodity Index climbed 1.0%. Specifically, gold bullion prices were boosted 1.5% to $1122.50 per ounce. Oil prices climbed 2.4% to $81.70 per barrel. Weekly oil inventory data is due tomorrow morning.

The broadly positive mood among participants helped drive the S&P 500 and the Nasdaq Composite to their best levels in more than a year. The Dow has yet to return to the 52-week high that it set in mid-January.

Boeing (BA 68.72, -0.68) proved to be a drag on the Dow this session. The stock faltered after news circulated that Air Berlin canceled some $1.7 billion worth of firm orders for the 787 Dreamliner.

General Electric (GE 18.07, +0.78) was a leader among blue chips, however. The company announced during a conference that losses in GE Capital are expected to peak in 2010, such that a snap back in earnings will occur. The company went on to issue upside guidance. The stock logged a new 52-week high just before the closing bell.

Trading volume was moderate this session. At 1.0 billion shares it was in-line with this month's average for the NYSE, but it remained well below the 200-day moving average of 1.2 billion shares per session on the NYSE.

Advancing Sectors: Materials (+1.5%), Financials (+1.3%), Industrials (+1.2%), Utilities (+1.1%), Energy (+0.9%), Tech (+0.7%), Consumer Discretionary (+0.6%), Consumer Staples (+0.4%), Telecom (+0.2%), Health Care (+0.2%)
Declining Sectors: (None)

[BRIEFING.COM] The market has pushed to a fresh session high as the dollar index has pushed to a fresh session low. The S&P 500 is now at levels not seen since October 2008.

Weakness in the dollar index helped boost commodity prices this session. The energy complex, excluding natural gas; precious metals and copper futures all traded markedly higher. Commodities closed 1.0% higher, collectively. The dollar index is currently down 0.7%.

Precious metals traded 1.8% higher this session, thanks to weakness in the dollar. April gold closed 1.5% higher at $1122.50 per ounce and May silver closed 1.5% higher at $17.35 per ounce.

Industrial metal copper also performed well this session; it finished 1.7% higher at $3.37 per pound.

April crude oil closed 2.4% higher at $81.70 per barrel. Heating oil and RBOB gasoline closed 2.9% and 2.4% higher, respectively.

On the other hand, natural gas futures closed 1.1% lower to $4.42 per MMBtu. Natural gas futures are now down 20% since February 16.

Notably, May sugar futures lost 5.9% to close at $0.18 per pound this session. Sugar futures are now down about 36% since hitting a 29-year high in late January.

[BRIEFING.COM] Stocks failed to sustain a spike that followed the latest FOMC policy statement and are back near earlier levels. The Dow actually came back in touch with the unchanged mark, but managed to make a modest bounce off of that mark.

Trading volume has seen a pick up since the FOMC statement, though overall volume remains moderate. Moderate volume has characterized trade during recent weeks; so far this month, average volume per session stands right at 1.0 billion shares on the NYSE.

[BRIEFING.COM] The latest FOMC policy statement, which was released at 2:15 PM ET, was little changed from previous directives in that the Fed has left its target federal funds rate unchanged at a range of 0.00% to 0.25% and the Fed continues to expect an exceptionally low level for an extended period of time.

Though the market moved higher in the moments after the Fed statement, it ran into a bit of resistance near the session highs that were registered this morning. However, stocks were able to regain an upward momentum to set fresh session highs, but they have since started to slip a bit.

Treasuries have also turned higher in the wake of the FOMC statement. In turn, the benchmark 10-year Note is now up 10 ticks.

Meanwhile, the greenback is back near its session low with a 0.6% loss.

[BRIEFING.COM] The Dow is back at the unchanged mark after surrendering a moderate gain. Its counterparts continue to trade with modest gains, though.

Semiconductor stocks remain especially strong. In turn, the Philadelphia Semiconductor Index is up 2.4%. Still, semiconductor stocks are down 0.3% year-to-date, while the broader market is up roughly 3.5% since the start of the year.

[BRIEFING.COM] The major indices continue to gradually drift lower from their session highs. Solid gains remain, though.

Oil has been one of the best performing assets this session. The commodity dropped nearly 2% in the prior session, but has rebounded to a 2.3% gain at $81.65 per barrel. Despite such strength, energy stocks trade in-line with the broader market -- up 0.4%.

[BRIEFING.COM] Despite uncertainty ahead of the latest FOMC statement, market participants have pushed stocks to broad-based gains, such that the S&P 500 posted a fresh 52-week high.

Stocks showed little direction in the early going as participants prepared for the FOMC to issue its latest monetary policy directive. The FOMC is expected to maintain its current federal funds rate target, which ranges from 0.00% to 0.25%, but many question whether the outlook for the economy or monetary policy has changed.

Anticipation for the announcement, which is scheduled for 2:15 PM ET, has overshadowed the latest dose of data, including a slip in import prices, a higher-than-expected rate of housing starts in February, and a smaller-than-expected decline in monthly building permits.

After a solid gain in the prior session, the greenback has fallen under pressure. It is currently down 0.5% against competing currencies. The euro and British pound have displayed the most strength following news that Europe's officials have come to a consensus about how to provide financial aid to Greece. Though specific figures haven't been shared, bilateral loans are likely a key component of the plan. Credit analysts at S&P took Greece off of CreditWatch, but have a negative outlook.

The dollar's decline has provided a boon for the broader market in the face of uncertainty ahead of the FOMC statement, such that stocks have extended their gains from the past few weeks to hit fresh highs for the year.

Materials stocks have benefited most from this session's advance. They are up 1.2%, more than any other major sector.

Strength among commodities has also helped basic materials stocks. The CRB Commodity Index is up 0.9% at the moment.

Health care stocks make up the only sector to trade in the red. They are down fractionally at the moment.

Corporate news flow has been light this session. Boeing (BA 68.95, -0.45) has been hampered by news that Air Berlin canceled some $1.7 billion worth of firm orders for the 787 Dreamliner.

Meanwhile, General Electric (GE 17.65, +0.36) announced today during a Goldman Sachs conference that losses in GE Capital are expected to peak in 2010, then a snap back in earnings will occur. General Electric estimates that earnings for fiscal 2010 will total $1.03 per share, which exceeds Wall Street's current consensus call for $0.99 per share. Further, GE plans to resume growing its dividend in 2011.

[BRIEFING.COM] Stocks have slowly drifted off of their session highs, but broad-based gains remain as advancing issues outnumber decliners by 3-to-1 in the S&P 500.

Despite such strength among stocks, Treasuries have managed to put together a slight gain. In turn, the benchmark 10-year Note is up 5 ticks. That's been enough to take its yield back below 3.70%.

[BRIEFING.COM] Though in positive territory, the Dow is lagging the other headline indices. Boeing (BA 69.00, -0.40) is a primary source of weakness in the blue chip index. According to Reuters, Air Berlin canceled some $1.7 billion worth of firm orders for Boeing's 787 Dreamliner.

Meanwhile, General Electric (GE 17.69, +0.40) is having a strong session. The industrial conglomerate announced today during a Goldman Sachs conference that losses in GE Capital are expected to peak in 2010, then a snap back in earnings will occur. General Electric estimates that earnings for fiscal 2010 will total $1.03 per share, which exceeds Wall Street's current consensus call for $0.99 per share. Further, GE plans to resume growing its dividend in 2011.

[BRIEFING.COM] The stock market recently put in a fresh 52-week high on the back of solid, broad-based gains.

Of the major sectors in the S&P 500, only health care is in the red. The sector is currently down fractionally as shares of Medtronic (MDT 45.20, -0.61), Zimmer Holdings (ZMH 57.73, -0.51), and Aetna (AET 31.31, -0.31) fall under pressure.

Volatility has fallen amid this session's broad-based gains. In turn, the Volatility Index is down 2.1%.

[BRIEFING.COM] The major indices have made their way to fresh session highs amid a pullback by the greenback, which is now down to a fresh session low with a 0.6% loss against a basket of foreign currencies.

The dollar's dip has also boosted commodity prices, such that the CRB Commodity Index is up 1.1% to a session high.

Broader market support, higher commodity prices, and a weaker dollar have combined to help materials stocks extend their gains. The sector is now up 1.3%.

[BRIEFING.COM] Crude and precious metals hit fresh session highs in recent trading as the dollar index extended its losses and hit new morning lows.

April crude chopped around the unchanged line overnight before gaining traction around 5:00ET. Crude gained further strength around the open of pit trading and hit today's current high at the top of the hour at $81.34 per barrel. Currently, crude is just below those highs at $81.19 per barrel, up 1.7%.

April natural gas is trading independently this morning from crude and precious metals. However, overnight, natural gas did remain trading right around the unchanged line. Highs of $4.42 per MMBtu were hit shortly before pit trading began, but that was short-lived as the energy component quickly reversed into negative territory and fresh session lows of $4.33 per MMBtu. Currently, natural gas is 0.9% lower at $4.35 per MMBtu.

Precious Metals are strong today. April gold and May silver both spiked around 9:00ET to new session highs of $1127.00 per ounce and $17.48 per ounce, respectively. Currently, gold is 1.8% higher at $1125.60 per ounce, while silver is 1.9% higher at $17.44 per ounce.

[BRIEFING.COM] Despite a relatively solid start, the broader market continues to seek direction as it chops along just above the neutral line.

With most of this morning's major announcements out of the way, participants await the latest statement from the FOMC. Given the weight that the directive holds, participants may be unwilling to make major gambles or take significant positions ahead of the announcement, which is scheduled for 2:15 PM ET.

Early movers: Trading up -- BLTI +13.5%, BNHNA +13.3%, MPEL +9.4%, ATHN +9.4%, CLUB +9.3%, MNKD +7.9%, CGEN +6.7%; Trading down -- FRBK -21.6%, EONC -21%, SQNM -19.3%, MSN -17%, MOV -14.6%, DSW -10.8%, SHE -10.5%, HQS -10.5%

Advancing Sectors: Materials (+0.8%), Financials (+0.3%), Consumer Staples (+0.3%), Industrials (+0.2%), Consumer Discretionary (+0.2%), Energy (+0.1%), Utilities (+0.1%), Utilities (+0.1%), Telecom (+0.1%)
Declining Sectors: Health Care (-0.1%)

[BRIEFING.COM] The major equity averages have slipped back to the neutral line in the first few minutes of trade, but materials stocks continue to trade with strength.

The materials sector is presently up 0.8%, which is more than double the gain of the next best performing sector (financials, +0.3%). Gold and steel stocks are primary sources of strength in the sector; the two subsectors are up 2.0% and 1.7%, respectively. Their bounce comes after they underperformed in the prior session and the dollar dips this session.

[BRIEFING.COM] There were plenty of headlines today, but participants were focused on the upcoming FOMC policy statement. Uncertainty ahead of the directive left stocks to trade listlessly for most of the session, but a late rally helped stocks finish near session highs.

Though it closed near its best level, the stock market finished flat for the session as the S&P 500 got hung up on the 1150 line in the final few minutes of trade. The line, which marks a 52-week closing high for the S&P 500, also acted as a source of resistance in the early going.

A stronger dollar had hampered stocks for the better part of the session, too. However, the greenback's 0.5% gain did little to dissuade participants from offering support in the final few minutes of trade.

The stock market's late move came amid a spike in share volume, but trading volume for the session as a whole was weak. The lack of overall participation precedes the latest policy statement from the Federal Open Market Committee (FOMC), which will issue its directive prior to tomorrow's opening bell. Most participants thought it prudent to remain on the sidelines for fear of being out of position when the FOMC offers its latest assessment of economic conditions and its outlook for monetary policy.

On a similar note, Japan reportedly upgraded its assessment of its economy for the first time in eight months, but the upgrade had been expected. Meanwhile, concerns persist that China may have to tighten monetary policy in order to cool conditions.

The latest U.S. data did little to stir action ahead of tomorrow's FOMC policy statement. Industrial production for February increased 0.1%, which is slightly better than the the flat reading that had been expected, while at 72.7% capacity utilization for the month was in-line with expectations. The Empire Manufacturing Index for March hit 22.9, which is a bit better than the 22.0 that was widely forecast, but not quite as strong as the 24.9 that had been posted for February.

Senator Dodd gave bank stocks a bit of a spook with his proposal for financial reform this afternoon. Dodd dashed hopes for a diluted reform proposal with his call for stringent policies to limit risk imposed on the financial system by major institutions. Bank stocks bounced back, though; the KBW Bank Index finished with a modest 0.2% gain. That was enough to trim the broader financial sector's loss to just 0.1% after it had been down more than 1%.

Health care stocks also made a strong move into the close. The sector finished with a 0.5% gain, though Boston Scientific (BSX 6.80, -0.98) continued to lag. The company confirmed reports that it stopped shipment of certain products amid a pending FDA documentation review linked to paperwork error for manufacturing processes.

The best gains came from the consumer staples sector. It finished 0.8% higher. It was helped by PepsiCo (PEP 66.15, +1.05), which hiked its dividend and issued a share repurchase plan, and Wal-Mart (WMT 55.42, +1.52), which was upgraded by analysts at Citigroup.

Advancing Sectors: Consumer Staples (+0.8%), Telecom (+0.5%), Health Care (+0.5%), Utilities (+0.5%), Industrials (+0.2%), Consumer Discretionary (+0.1%)
Declining Sectors: Energy (-1.0%), Tech (-0.3%), Materials (-0.3%), Financials (-0.1%)