YAHOO [BRIEFING.COM]: The S&P 500 settled higher by 0.4% to register its fifth consecutive gain.

That streak appeared to be in jeopardy when stocks began the session on a lower note. However, the three-point slip at the open was enough to entice bargain hunters who sent the benchmark average to a fresh record high.

Cyclical sectors appeared weak during the opening minutes, but most economically-sensitive groups were able to rebound, and finish in the lead.

The materials space displayed strength from the start as industrial metals traded higher after China reported a wider-than-expected trade surplus. Gains in copper were notable as the red metal advanced 1.7% to 3.361 per pound.

Comments from Rio Tinto (RIO 48.55, +1.09) also boosted the materials sector after the company said it expects iron ore demand to remain intact. Elsewhere, steelmakers displayed strength across the board as the Market Vectors Steel ETF (SLX 44.05, +0.84) settled higher by 1.9%.

Technology stocks also finished among the leaders as the sector displayed broad strength to follow yesterday's underperformance. Major components Apple (AAPL 463.84, +5.18), Google (GOOG 873.63, +16.40), and IBM (IBM 204.82, +2.14) ended with gains between 1.1% and 1.9% while high-beta chipmakers ended higher as well. The PHLX Semiconductor Index rose 1.3%.

One of the top performers of the past week, the Dow Jones Transportation Average, began the session with a loss of 0.9% as CH Robinson (CHRW 57.26, -4.30) weighed on the bellwether complex after reporting disappointing earnings. However, the remaining components of the 20-stock index picked up CH Robinson's losses as the index settled higher by 0.2%.

While most cyclical groups finished in the lead, energy and consumer discretionary sectors trailed behind the broader market.

The energy space added just 0.2% even as crude oil climbed 1.0% to $96.54.

Elsewhere, the discretionary sector lagged as homebuilders and retailers weighed. In addition, media stocks were mixed after Dow component Walt Disney (DIS 65.99, -0.08) reported a bottom-line beat. Another Dow component, McDonald's (MCD 100.95, -1.34), also pressured the sector after its comparable sales decreased 0.6% in April.

The CBOE Volatility Index (VIX 12.79, -0.04) ended with a slim loss, but VIX futures settled higher suggesting some downside protection was in demand.

Volume was slightly above average as 730 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to the weekly MBA Mortgage Index, which rose 7.0% to follow last week's increase of 1.8%.

Tomorrow, weekly initial claims and March wholesale inventories will be reported at 8:30 ET and 10:00 ET, respectively. In earnings of note, Cooper Tire (CTB 26.34, +0.17) and Dean Foods (DF 19.00, +0.37) will report their results prior to the opening bell.

The U.S. Treasury will auction $16 billion in 30-yr bonds.DJ30 +48.92 NASDAQ +16.64 SP500 +6.73 NASDAQ Adv/Vol/Dec 1428/1.67 bln/1027 NYSE Adv/Vol/Dec 1975/730.0 mln/1026

3:30 pm :

June crude oil rose today as better-than-anticipated inventory data and a weaker dollar index boosted prices. The Department of Energy reported that for the week ending May 3, crude oil inventories had a build of 0.23 mln barrels while consensus called for a build of 1.9 mln barrels. Prices climbed as high as $96.74 per barrel and settled with a 1.0% gain at $96.60 per barrel.
June natural gas spent its entire floor session in positive territory. It dipped to a session low of $3.94 per MMBtu in morning action but climbed to a session high of $3.99 per MMBtu as it headed into the close. Natural gas eventually settled with a 1.5% gain at $3.98 per MMBtu.
June gold traded higher today on support from the weaker dollar index. The yellow metal spent most of pit trade trading in a consolidative pattern near the $1465 per ounce level and popped to a session high of $1475.80 per ounce heading into the close. It settled at $1473.60 per ounce, booking a gain of 1.7%.
July silver pulled-back from its session high of $24.05 per ounce set at floor trade open and dipped into negative territory. It fell as low as $23.64 per ounce but buyers stepped in and took prices back above the break-even level. A slight rally into the close helped silver settle 0.5% higher at $23.92 per ounce.