YAHOO [BRIEFING.COM]: Buying faded in afternoon trade after a heavy flow of encouraging headlines had initially helped the major equity averages ascend more 1%. Stocks still settled with varied gains, though.

Given the economic consequences that could arise from a rapidly rising yen, the G7 announced a coordinated plan to intervene on behalf of the Japanese currency after it set a record high against the greenback yesterday. Although the yen pulled back against the dollar, other currencies continued to climb so that the Dollar Index dropped to its lowest level in more than a year. An increase in Japan's nuclear accident alert level from 4 to 5 on a scale of 7 was given less attention.

News that Libya's Foreign Minister announced intentions for an immediate ceasefire following the UN's decision to implement a no-fly zone over the country was also met with a positive response, although it cauised oil prices to retreat and spend pit trade in the red.

The diminution of headline risk encouraged broad-based buying in the early going, such that the stock market was able to extend its rally from the prior session to fully offset the steep loss that was suffered this past Wednesday. However, once the buzz of morning trade started to subside, stocks began to surrender some of their gains then gradually drifted into the close.

Part of the afternoon drift is due to a loss of support from large-cap tech issues. Their weakness caused the Nasdaq Composite to trail its counterparts and actually sent the Nasdaq 100 to a 0.2% loss.

Airline shares were able to climb even though the broader market lost its momentum. As a group, airlines ascended almost 4%.

A few bank stocks were able to hold on to most of their gains following word that the Federal Reserve completed its Comprehensive Capital Analysis and Review. Favorable findings prompted JPMorgan Chase (JPM 45.74, +1.18), Wells Fargo (WFC 31.83, +0.47), and US Bank (USB 26.65, +0.30) to approve share repurchase plans and increase regular dividend payments, or at least issue special dividends.

Cisco Systems (CSCO 17.14, +0.14) announced plans for its own quarterly cash dividend, which will be first ever for the firm.

Nike (NKE 77.59, -7.82) found only negative attention this session. The company disappointed its investors by delivering an earnings miss for its latest quarter. Its shares were then downgraded by analysts at Goldman Sachs.

Commodities, save for energy (-0.4%), finished higher today. Grains once again were the largest advancing sector, tacking on 3.2%, and rallying for 8.6% over the past two sessions. May corn closed higher by 5.7% to $6.83 per bushel.

Volatile trade returned for April crude oil, which finished lower by 0.4% to $101.07 per barrel. In overnight trade, crude oil rallied on news that the UN had passed the no-fly zone resolution. Heading into the open of pit trade, however, crude oil sold off after the Foreign Minister of Libya said it would call for an immediate ceasefire. It was a quiet session there after with crude ending near unchanged. April natural gas ended near unchanged at $4.16 per MMBtu.

April gold closed higher by 0.8% to $1416.10 per ounce, while May silver rallied for 2.3% to finish at $35.05 per ounce. Both metals moved higher as money sought a safe haven amidst G-7 intervention on the behalf of the yen.

Participation was robust this session quadruple witching options expiration. Heightened activity drove share volume on the NYSE to 1.9 billion. DJ30 +83.93 NASDAQ +7.62 NQ100 -0.2% R2K +1.2% SP400 +0.5% SP500 +5.49 NASDAQ Adv/Vol/Dec 1786/2.59 bln/843 NYSE Adv/Vol/Dec 2135/1.90 bln/827