YAHOO [BRIEFING.COM]: Despite a sluggish start and a lack of concerted leadership, the stock market made its way back above 1100 as buyers offered broad-based support for the second straight session.

For fear that the previous session's low-volume rally was anything more than a reflex bounce that followed last week's losses, participants showed reservation in the early going. That made for listless, choppy trade.

However, buyers stepped back in after a couple of early dips failed to gain momentum. Broad buying ensued, but stocks paused to consolidate their gains at a couple of near-term resistance levels in the S&P 500 -- last week's closing highs and the psychologically-significant 1100.

Though the S&P 500 was able to make its way back above 1100, it remains 4% below its January high. Nonetheless, all 10 major sectors finished the latest session in higher ground; seven of them gained in excess of 1%.

Materials stocks consistently lagged. The sector still gained 0.4%, but Dow Chemical (DOW 27.57, -1.06) proved to be a drag as participants dismissed its better-than-expected earnings.

Some materials stocks sported strong gains, though. Particularly, an upgrade of Alcoa (AA 13.67, +0.31) and Freeport McMoRan (FCX 72.51, +0.92) by analysts at Citigroup won support for aluminum and diversified metals plays, while an upgrade of Schnitzer Steel (SCHN 45.51, +3.09) by analysts at UBS helped steel stocks.

Higher commodity prices also offered support to the sector. With a 1.9% gain, the CRB Commodity Index made its best single-session percentage gain in nearly one month.

A modest 0.2% decline by the Dollar Index played a minor role in the CRB's move, but oil prices were a primary underpinning of the gain. Pit trade closed with crude oil priced 3.7% higher at $77.17 per barrel. That played a part in the energy sector's 1.4% bounce. Of the 39 components listed in the S&P 500 Energy Sector, only Baker Hughes (BHI 47.26, -0.07) failed to log a gain.

Energy names topped this session's list of most actively traded stocks by volume. Overall volume was slightly above average as almost 1.2 billion shares exchanged hands on the NSYE this session.

Still, participants don't seem to be reacting much to earnings. UPS (UPS 58.62, +0.23) posted an upside surprise that helped its shares climb, but the broader market was generally unfazed. Whirlpool (WHR 82.23, +6.17) missed Wall Street's consensus, but its strong outlook won it favor.

There wasn't much reaction to the latest economic data or economic commentary as an in-line 1.0% month-over-month increase in December pending home sales was generally dismissed by market participants.

Treasury Secretary Geithner's testimony about the government's fiscal 2011 budget was also generally disregarded, while former Fed Chairman and current Chair of the President's Economic Recovery Advisory Board Paul Volcker gave a testimony on reining in risk taking at commercial banks that offered little additional detail.

Advancing Sectors: Health Care (+1.9%), Industrials (+1.9%), Consumer Discretionary (+1.5%), Energy (+1.4%), Telecom (+1.3%), Consumer Staples (+1.3%), Financials (+1.1%), Tech (+0.8%), Utilities (+0.8%), Materials (+0.4%)
Declining Sectors: (None)DJ30 +111.32 NASDAQ +18.86 NQ100 +0.9% R2K +0.8% SP400 +1.4% SP500 +14.13 NASDAQ Adv/Vol/Dec 1479/2.50 bln/1164 NYSE Adv/Vol/Dec 2341/1.18 bln/695