YAHOO [BRIEFING.COM]: Stocks had run into resistance at their 200-day moving average during the prior session, but this time the broader market staged a strong, steady climb past that key technical line to settle at a three-week high.

The tone to trade was positive for the entire session. Initial strength was underpinned by continued support for the euro, which was sent another 0.9% higher to $1.234 following a successful debt offering from Spain and Ireland. The success of that offering suggested that even in the face of continued concerns about tenuous fiscal conditions in Europe there is still an appetite for risk. A positive reaction among Europe's major bourses also helped perpetuate a positive tone among market participants.

Broad-based buying helped stocks build upon their strong start. In fact, all 10 major sectors garnered support; each finished with a gain in excess of 1%.

Industrial stocks saw the strongest move. As a group they swung to a 3.0% gain as all 57 members of the industrial sector settled in positive territory. Illinois Tool (ITW 46.78, +1.13) was among them. The company reaffirmed an in-line earnings forecast for fiscal 2010.

Tech provided some of the most leadership, though. The sector, which is the largest by market weight, advanced 2.9%. Semiconductor and semiconductor equipment stocks collectively surged 5.5%, according to the Philadelphia Semiconductor Index.

Energy stocks ascended to a 2.7% gain. Even BP Plc (BP 31.40, +0.73) found favor in the face of negative political rhetoric and continued questions about its dividend. The company also had its debt downgraded by analysts at Fitch.

Only a handful of stocks failed to make gains this session. Best Buy (BBY 38.56, -2.49) and GameStop (GME 20.71, -1.17) were among the losers. Best Buy's weakness was rooted in an earnings miss for the latest quarter, but the company gave details of a plan to exchange gift cards for video game trade ins. The game exchange plan is what pressured shares of GameStop.

Overall, some 98% of stocks in the S&P 500 staged a gain. Such extensive strength sent the S&P 500 to its best level in three weeks and up through its 200-day moving average, which had stood around 1108. On a few separate occasions during recent weeks the stock market had only encountered resistance at its 200-day moving average.

Continued weakness in the dollar index helped support the broader commodities market, as the CRB Commodities Index gained 1.4%.

Energy was the session's largest gainer, led by a 3.5% rally in July natural gas, which closed at $5.18 per MMBtu. Concerns about a busy Atlantic hurricane season as well as forecasts for hot weather once again supported natural gas prices. July crude oil gained 1.8% to settle at $76.94 per barrel, on the back of the weaker dollar as well as the strength in global equity indices.

Precious metals had a much more modest move higher today, finishing with a 0.8% gain. August gold futures closed the session higher by 0.7% to $1234.00 per ounce, while July silver ended higher by 0.9% to $18.57 per ounce.

There wasn't a whole lot of trading volume behind this session's move, though. Specifically, trading volume on the NYSE this session was 1.16 billion shares, which is below the 50-session average of 1.45 billion shares.

Advancing Sectors: Industrials (+3.0%), Tech (+2.9%), Energy (+2.7%), Financials (+2.6%), Materials (+2.6%), Consumer Discretionary (+2.4%), Utilities (+2.0%), Health Care (+1.7%), Telecom (+1.6%), Consumer Staples (+1.1%)
Declining Sectors: (None) DJ30 +213.88 NASDAQ +61.92 NQ100 +2.8% R2K +2.5% SP400 +2.4% SP500 +25.60 NASDAQ Adv/Vol/Dec 2151/2.25 bln/532 NYSE Adv/Vol/Dec 2622/1.16 bln/442