YAHOO [BRIEFING.COM]: The major averages ended near their highs as the S&P 500 rose 1.0%.

Prior to the open, equity futures suggested slim losses at the start of the session. However, futures climbed off their lows as fund manager David Tepper shared his bullish viewpoint during a morning appearance on CNBC.

When the opening bell sounded, stocks were off to the races as financials paved the way higher. Goldman Sachs (GS 154.52, +4.89) was the top performer among the majors while the financial sector advanced 1.7%.

Three growth-sensitive sectors also finished among the leaders despite the relative weakness across the commodity complex. Crude oil fell 1.0% to $94.20, but the energy sector rose 1.3%.

Elsewhere, copper declined 2.1% to $3.289 per pound while gold shed 0.8% to $1423.70 per ounce. The basic materials sector, however, climbed 1.2%.

Industrials also ended in the black as transportation-related names led the way. The Dow Jones Transportation Average jumped 1.9% to a new record high.

The technology sector did not play along with other cyclical groups. Tech shares lagged throughout the day while afternoon weakness displayed by Apple (AAPL 443.86, -10.88) caused the sector to slip off its highs.

The underperformance of technology weighed on the Nasdaq, which trailed behind the other two major indices. However, the relative strength of biotechnology kept the index from falling too far behind the Dow and S&P.

The iShares Nasdaq Biotechnology ETF (IBB 186.18, +3.14) advanced 1.7% to bring its month-to-date gain to 8.1%. Biotechnology also gave a boost to the health care sector, which added 1.0%.

Despite the broader market spending the day near its highs, the CBOE Volatility Index (VIX 12.76, +0.21) also hovered in the black throughout the session. This suggests investors sought some protection against large swings in the market.

Also of note, the Dollar Index added 0.4% to $83.59, its biggest four-day gain since March 2012.

Economic data was limited to export and import prices. Export prices, excluding agriculture, decreased by 0.5% in April after they had decreased 0.2% during the prior month. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.2%.

Investors will receive a full slate of economic data tomorrow starting with the 7:00 ET release of the weekly MBA Mortgage Index. April PPI, core PPI, and May Empire Manufacturing will all be reported at 8:30 ET while March net long-term TIC flows will be announced at 9:00 ET. At 9:15 ET, April industrial production and capacity utilization will cross the wires. The day will be topped off with the 10:00 ET release of the May NAHB Housing Market Index. Among earnings of note, Deere (DE 93.77, +1.19) and Macy's (M 47.39, +0.51) will report their results before the opening bell.