YAHOO [BRIEFING.COM]: A decent start to earnings season couldn't keep away a mid-session selling effort that threatened to steal gains, but support at the neutral line helped stocks rebound for a modest advance.

Alcoa (AA 16.33, -0.16), the first member of the Dow to post results for the latest quarter, reported last evening better-than-expected earnings. However, the stock was hit with some profit taking. Alcoa's report precedes the latest from fellow blue chips Intel (INTC 21.05, +0.36) and JPMorgan Chase (JPM 43.60, +0.20), both of which are scheduled to report later this week.

A barrage of earnings reports awaits investors next week. Ahead of that, Sears Holding (SHLD 75.03, +4.43), Stryker (SYK 58.00, +3.30), and Tiffany & Co. (TIF 60.56, -0.38) each issued pleasing projections.

While investors will take close note of earnings quality and the optimism underpinning forecasts, a watchful eye will remain on the eurozone and countries in its periphery. Given concerns about the health of sovereign debt there, successful debt auctions from Greece and Italy (Portugal and Germany conduct their own tomorrow) helped lift Europe's major bourses and provide a positive backdrop to domestic trade.

Early buying translated into solid gains, such that the Nasdaq Composite actually set a new two-year high shortly after the open. Sudden selling in afternoon trade undercut stocks, but support at the neutral line helped the broader market make a nice bounce into the close.

Energy stocks steadily outperformed. The sector settled with a 1.6% gain. That was partly owed to a spike in oil prices, which advanced more than 2% to settle above $91 per barrel.

Commodities, save for grains (-0.9%) finished higher today, led by +1.7% gains in soft commodities and energy. Precious metals added +1.6%. Sugar futures were the largest advancer, posting a 3.2% gain.

March silver finished higher by 2.3% to $29.49 per ounce, while Feb gold ended up 0.6% to $1384.30 per ounce.

Feb crude oil settled higher by 2.1% to $91.15 per barrel. Prices were once again supported by supply concerns after the shut down of the Trans Alaska pipeline moved into its 4 day. A momentary shut down of a oil platform also helped spook the market. Feb natural gas rallied for 1.9% to close at $4.48 per MMBtu, helped higher by colder-than-avg temps across the East coast.

Telecom was at the opposite end of things. Persistent pressure against that space left the sector to lose another 1.5% today.

Advancing Sectors: Energy (+1.6%), Materials (+0.8%), Health Care (+0.6%), Financials (+0.5%), Industrials (+0.3%), Tech (+0.2%), Utilities (+0.1%)
Declining Sectors: Telecom (-1.5%), Consumer Staples (-0.1%), Consumer Discretionary (-0.1%)DJ30 +34.43 NASDAQ +9.03 NQ100 +0.2% R2K +0.4% SP400 +0.4% SP500 +4.73 NASDAQ Adv/Vol/Dec 1647/1.91 bln/972 NYSE Adv/Vol/Dec 1756/940 mln/1213