YAHOO [BRIEFING.COM]: A push against Citigroup and Apple mired the major equity averages for most of the session, but stocks managed to settle higher with varied gains that were good enough to make for fresh two-year closing highs.

The latest quarterly report from Citigroup (C 4.80, -0.33) came short of expectations on both the top and bottom line. Disappointment sent shares of the diversified financial giant to their steepest loss in more than six months.

Regional bank Comerica (CMA 37.84, -3.51) posted an impressive upside earnings surprise, but its shares were rejected in response to news that it will acquire Sterling Bank (SBIB 8.93, +1.23) for $10 per share, a 30% premium over its closing price last week.

Some support was provided to the financial sector by consumer finance plays following the publication of monthly card metrics from American Express (AXP 46.37, +0.12) and Discover Financial (DFS 20.74, +0.36). Results from the two companies were generally in line with what had been expected.

Ahead of its own quarterly report, Apple (AAPL 340.65, -7.83) shares were shunned in response to news that company Chief Executive Steve Jobs will take another medical leave of absence. The stock opened more than 6% lower, but losses were pared during the day. Shares of AAPL experienced some of the heaviest trading volume that they have seen in almost one year.

Leadership was lacking all session, but stocks still managed to grind to modest gains. In the end, advancing issues edged out decliners by 3-to-2 in the S&P 500.

Data wasn't very inspirational. The Empire State Manufacturing Survey improved to 11.9 for January. The consensus call among economists polled by Briefing.com was pegged at 12.0.

Net Long-Term Treasury International Capital Flows spiked in November to $85.1 billion from $28.9 billion in the prior month, but the data indicated that China's holdings of U.S. debt were lowered by little more than 1%.

Overseas data, another successful debt offering from Spain, and supportive comments about funding for the European recovery from Russia's finance minister all helped spur the euro and British pound higher against the greenback. The Dollar Index ended the trading day down by about 0.6%, which makes for its sixth loss in seven sessions.

Commodities, outside of the energy sector (-0.5%), closed higher on the session, led by a 1.2% gain in grains and 1.1% gain in livestock. Cotton futures were the largest advancing commodity after they tacked on 2.8%.

Feb gold ended higher by 0.5% to $1368.20 per ounce, while March silver gained 2% to close at $28.91 per ounce. Both metals moved higher on the back of a weaker dollar.

Feb crude oil settled off 0.2% to $91.38 per barrel in a very uneventful session Feb natural gas ended down 1.4% to $4.41 per MMBtu. Natural gas started the session on a positive note before selling off in mid-morning trade.

Advancing Sectors: Energy (+0.7%), Materials (+0.6%), Industrials (+0.6%), Health Care (+0.4%), Tech (+0.3%), Consumer Discretionary (+0.3%), Utilities (+0.2%)
Unchanged: Consumer Staples
Declining Sectors: Financials (-0.8%), Telecom (-1.3%)DJ30 +50.55 NASDAQ +10.55 NQ100 +0.2% R2K +0.00% SP400 +0.9% SP500 +1.78 NASDAQ Adv/Vol/Dec 1278/2.04 bln/1369 NYSE Adv/Vol/Dec 1626/1.22 bln/1374