YAHOO [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.

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.

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) DJ30 +43.83 NASDAQ +15.80 NQ100 +0.6% R2K +0.8% SP400 +1.0% SP500 +8.95 NASDAQ Adv/Vol/Dec 1688/2.14 bln/1017 NYSE Adv/Vol/Dec 2206/1.02 bln/805