YAHOO [BRIEFING.COM]: Broad-based buying on the back of upbeat data boosted the major indices to fresh 52-week highs, but the widely watched Dow couldn't quite make its way to the psychologically significant 11,000 mark.

The stock market was closed in observance of Good Friday when the latest nonfarm payrolls report was released last week, so many market participants treated the jobs numbers like new. Though the numbers were mixed, including a smaller-than-expected increase of 162,000 in total jobs during March and a steady unemployment rate of 9.7%, a deeper dig into the data revealed that there was a larger-than-expected increase in private sector payrolls.

A generally positive reaction to the jobs numbers helped give the major equity averages a positive start to the session. Stocks added to their gains shortly after it was learned that the ISM Service Index for March exceeded expectations to hit a multiyear high of 55.4 and that pending home sales for February made a surprise 8.2% month-over-month increase.

Though strong data spurred a solid buying effort, there wasn't much volume behind the move. Stocks spent the entire afternoon in a tight range, unable to further build on their gains. For the S&P 500 that meant that it would spend the afternoon bumping up against the 1187 to 1188 zone, while the Dow Jones Industrial Average couldn't quite close the gap on 11,000 -- both levels were last seen in September 2008.

Buyers favored energy stocks the most this session. That helped the sector ascend to a 1.6% gain. Higher oil prices helped. Contract prices for crude oil hit an 18-month high just shy of $87 per barrel before it settled with a 2.1% gain at $86.62 per barrel.

The reflation trade also helped materials stocks, which tacked on 1.2% this session. Steel plays (+3.8%) provided the most support to the sector, but metal and mining giant Alcoa (AA 14.73, +0.03) lagged after it was downgraded by analysts at JPMorgan. The downgrade precedes Alcoa's quarterly earnings announcement next week.

Tech stocks (+1.1%) were also strong this session. Apple (AAPL 238.49, +2.52), one of the sector's frequent leaders, lagged a bit in the early going amid suggestions that initial sales of its latest gadget, the iPad, have been underwhelming. Analysts at JPMorgan increased their target on the stock, however.

Health care stocks (-0.3%) and consumer staples stocks (-0.1%), often considered defensive plays, trailed the broader market for the entire session. Their decline suggested that broader market participants remain more interested in riskier plays.

Energy led the commodities space and equity markets higher this session. The move higher has been attributed to better-than-expected economic data (this morning and Friday's Nonfarm payrolls).

Also of note, the energy space saw some M&A activity prior to today's session. News broke last night that SandRidge Energy (SD 7.59 -0.26) would purchase Arena Resources (ARD 36.59 +2.33) for ~$40 in cash and stock. The deal represented ~17% premium at the time of the announcement. Crude oil futures reached a new 18 month high this session. May crude oil closed 2.1% higher at $86.62 per barrel. Natural gas futures also saw significant buying interest this session. May natural gas closed 4.4% higher at $4.27 per MMBtu. The May contract is now up over 12% off Thursday's session low.

Precious metals saw less pronounced gains this session. June gold closed 0.7% higher at $1130.80 per ounce and May silver closed 1.3Z% higher at $18.12 per ounce.

On that note, small-caps and mid-caps outperformed with ease. Specifically, the Russell 2000 Small-Cap Index climbed 2.0%, while the S&P 400 Mid-Cap Index added 1.6%.

Meanwhile, Treasuries fell out of favor. As a result, the yield on the benchmark 10-year Note eked past 4.00% for the first time since this past summer. Results from a reopened auction of $8 billion in 10-year TIPS did little to alleviate pressure. The auction drew a yield of 1.71% with a bid-to-cover ratio of 3.4. The indirect bid came in at 37.5%.

The dollar had a quiet session and closed with a 0.1% loss against a basket of competing currencies. Over the weekend the U.S. Treasury decided to delay a report to Congress on the currency policies of China, among other major trading partners.

Many major foreign markets were closed Monday for holiday observance.

Advancing Sectors: Energy (+1.6%), Materials (+1.2%), Consumer Discretionary (+1.2%), Tech (+1.1%), Financial (+1.0%), Industrials (+0.8%), Telecom (+0.7%), Utilities (+0.6%)
Declining Sectors: Health Care (-0.3%), Consumer Staples (-0.1%) DJ30 +46.48 NASDAQ +26.95 NQ100 +0.9% R2K +2.0% SP400 +1.6% SP500 +9.34 NASDAQ Adv/Vol/Dec 2028/2.04 bln/688 NYSE Adv/Vol/Dec 2298/900 mln/765