YAHOO [BRIEFING.COM]: The Nasdaq Composite led its counterparts lower as participants dumped semiconductor stocks and other tech related issues. However, the ability of the S&P 500 to hold steady above last week's lows helped pull the Nasdaq back above its 50-day moving average.

The major U.S. averages logged losses last Friday, but they all made a strong upward push in the final minutes of that session. That and a pullback by oil prices from a two-year high of almost $107 per barrel at the start of pit trade helped stocks start the new week on a positive note. It didn't take long for sellers to step in, though.

At first, sellers were focused on tech stocks. Their effort took the Nasdaq down to a 2.0% loss so that it traded below its 50-day moving average once again. As selling spread, the broader S&P 500 flirted with last week's low, but its ability to hold steady above that mark caused selling pressure to ease a bit so that it could slowly pare its loss. That helped lift the tech-rich Nasdaq back above the key trend line.

Semiconductor stocks still finished with a collective loss of 2.7%, but Ciena (CIEN 25.98, -2.83) suffered a near 10% loss after it issued disappointing guidance. Its upside earnings surprise for the latest quarter was completely ignored.

Consumer credit data made up the only item on the economic calendar, but the figures were of little consequence to the broader market. Consumer credit for January increased by $5.0 billion, which is greater than the $3.3 billion increase that had been expected among economists surveyed by Briefing.com. December's consumer credit was revised downward to reflect an increase of about $4.1 billion.

Commodities were mixed today, with grains (-2.2%), livestock (-0.9%), and industrials (-0.8%) all closing in negative territory, while precious metals (+1.2%), softs (+1.1%), and energy (+0.4%) all finished with gains.

April crude oil closed higher by 0.9% to $105.44 per barrel, well below its overnight highs at $106.95 per barrel, a fresh ~2.5 year high. There was a report that Libyan leader Muammar Gadhafi was negotiating with the rebels to his departure and that sent crude oil back toward the flat line. April natural gas rallied for 2.5% to end at $3.93 per MMBtu, its best levels in a week.

The pull back in crude oil and a rebound in the dollar index weighed on April gold, which closed higher by 0.5% to $1434.50 per ounce, and May silver, which closed up 1.9% to $35.87 per ounce. In early session trade, gold prices traded to a new all-time high at $1445.70 per ounce, while silver put in fresh 30 yr highs at $36.70 per ounce.

Advancing Sectors: Utilities (+0.4%)
Declining Sectors: Materials (-1.8%), Tech (-1.4%), Consumer Discretionary (-1.0%), Health Care (-0.9%), Industrials (-0.8%), Financial (-0.7%), Energy (-0.7%), Consumer Staples (-0.3%), Telecom (-0.1%)DJ30 -79.85 NASDAQ -39.04 NQ100 -1.4% R2K -1.5% SP400 -1.3% SP500 -11.02 NASDAQ Adv/Vol/Dec 610/2.19 bln/2050 NYSE Adv/Vol/Dec 702/1.04 bln/2315