YAHOO [BRIEFING.COM]: Stocks ended on their best levels of the session as a Wall Street Journal report suggesting the Fed is “weighing more action amid recovery doubts,” and the strong Australian first quarter GDP print of 1.3% QoQ bolstered investor confidence. The Nasdaq led today’s advance, climbing 2.4% while the S&P 500 and Dow both finished with 2.3% gains.

This morning’s European Central Bank interest rate decision went as expected as the central bank held its benchmark interest rate steady at 1.00% with head Mario Draghi insisting the bank would act if needed.

Economic data disappointed, but had little impact as both productivity and unit labor cost revisions fell short of estimates.   

The Fed's latest Beige Book was released this afternoon. but stocks did not see any real reaction. In short, it suggested that overall economic activity in the dozen Fed districts continued to increase at a modest to moderate pace in March and early April. Reports of consumer spending were "unchanged to up moderately."

Shares of Tempur-Pedic (TPX 22.39, -21.28) fell 48.7% after the company lowered its guidance due to new competitive product introductions. The company now expects full year earnings per share of $2.70 which is down from its previous estimate of $3.80-3.95. Also moving lower was the company’s full year revenues guidance which was dropped to $1.43 billion from its previous expectations of $1.60-1.65 billion. Related names Select Comfort (SCSS 20.61, -5.32) and Mattress Firm (MFRM 28.00, -7.30) were also under pressure on the news.

Gold miners gave up this morning’s solid gains with most ending the day in negative territory. The Market Vectors Gold Miners ETF (GDX 47.62, +0.09) eked out a small gain of 0.2% to finish higher for a fourth consecutive session. Individual names such as Barrick Gold (ABX 40.45, -1.60) and Yamana Gold (AUY 16.08, -0.01) both finished in the red.     

Ancestry.com (ACOM 25.06, +2.43) jumped 10.7% on reports the company is putting itself up for sale. Today’s surge has the stock contending with both its 100- and 200-day moving averages which come into play near resistance provided by the March lows.

Treasuries were hammered for a third consecutive session as the long bond lost another point and a half. Today’s selling ran the 10-yr yield up to 1.651% at the cash close where it is now more than 20 basis points above last week’s record low. The yield curve swung steeper on the selling as the 2-10-yr spread widened to 140 basis points.

The Volatility Index, or VIX, fell 10.5% to finish at 22.11, its low level since May 29.

Crude oil and precious metals extended yesterday's gains on hopes that the Fed will consider more action to support the economy, and following the ECB meeting where Mr. Draghi stated that the ECB remained ready to act if necessary. Crude oil popped to a pit session high of $86.24 per barrel in morning action, but inched lower for the remainder of floor trade. Despite the pullback, crude settled up 0.9% at $85.06 per barrel. Natural gas climbed into the black and touched a session high of $2.47 per MMBtu before losing steam and falling back into negative territory. It fell to a session low of $2.40 per MMBtu before settling floor trade with a 1.2% loss at $2.42 per MMBtu.

Gold touched a session high of $1642.40 per ounce in early morning action and chopped around just below that level until it slid to a session low of $1631.30 per ounce as it headed into the close. Despite the late dip, gold managed to settle pit trade with a 1.1% gain at $1634.40 per ounce. It is worth mentioning that the yellow metal erased most of its gains in after-hour action as it sold off to just above the unchanged line following the Fed's Beige Book release. Silver inched higher for the majority of its floor session, trading up to $29.86 per ounce. The metal pulled back in the last half hour of pit trade, but still booked a 4.0% gain as it settled at $29.55 per ounce.

Volume picked up as 861 million shares changed hands on the floor of the New York Stock Exchange.DJ30 +286.84 NASDAQ +66.61 SP500 +29.63 NASDAQ Adv/Vol/Dec 2091/1.70 bln/445 NYSE Adv/Vol/Dec 2689/861.6 mln/383