YAHOO [BRIEFING.COM]: Disappointing economic data distracted market participants from renewed strength in the euro, but stocks were able to stage a late climb and eke out a slight gain.

The euro made its way above $1.240 for the first time since May after Spain held a successful debt offering, which proved that the country can still attract investors in the face of lingering concerns about its fiscal condition. Though the euro backed off of that mark to trade at $1.239, it still ended the day with a 0.6% gain.

Strength in the euro helped support a positive tone to early trade, but the mood among market participants grew negative after a couple of dour reports were released.

Initial jobless claims for the week ended June 12 were up 12,000 week-over-week to 472,000, which is a larger tally than the 450,000 claims that economists polled by Briefing.com had expected. In another sign that labor markets remain stubbornly soft, continuing jobless claims increased 88,000 week-over-week to 4.57 million, which is greater than the 4.50 million continuing claims that many had expected.

The June Philadelphia Fed Index made for another disappointment. The barometer of regional business activity dropped to 8.0, a 10-month low, from 21.4. Many economists had expected the June reading to come in closer to 21.0.

Despite the disappointing reports, the latest consumer price data offered some assurance that the Fed can continue to employ low interest rates in its effort to foster further economic growth. Specifically, the May Consumer Price Index declined 0.2% month-over-month and core prices increased 0.1% month-over-month. Economists polled by Briefing.com had expected a 0.1% monthly decline in overall consumer prices and a 0.1% monthly increase in core prices.

As for other data, leading economic indicators for May made a 0.4% increase. That was only slightly less than the 0.5% increase that had been widely expected.

The dour portion of the data dragged down trade for the vast majority of the session. However, stocks were able to attract some late support, which ultimately made for a positive finish.

Consumer staples stocks (+0.7%) made some of the best gains as Kroger (KR 20.75, +0.67) and J.M. Smucker (SJM 61.55, +3.80) provided leadership. Both companies posted better-than-expected earnings for the latest quarter. Kroger even issued upside guidance.

BP (BP 31.71, -0.14) continued to make headlines as its Chief Executive sat in front of a congressional panel for a grueling question-and-answer session regarding the events surrounding the Gulf oil spill. Amid BP's ongoing efforts to preserve its public image and it take steps to prepare for the financial obligations that stem from the oil spill, CNBC reported that the company is planning to raise $5 billion to $10 billion in a debt offering as early as next week. BP's credit rating was lowered by S&P to A/A-1.

Participation was lacking this session as trading volume on the NYSE barely topped 1 billion shares, which is well below the NYSE's daily average of 1.44 billion shares for the past 50 sessions. Trading volume is likely to increase substantially tomorrow, given the expiration of quarterly options.

In the commodities pits, natural gas futures prices rallied 3.5% to $5.15 per MMBtu, but crude oil fell 1.1% to $76.79 per barrel. Gold prices advanced 1.3% to $1230.50 per ounce. It came within a couple points of its all-time high of $1254.50 before easing back. Silver price settled 1.4% higher at $18.44 per ounce.

The precious metals portion of the CRB Commodity Index led the way higher today as it posted 1.3% gain on the session. August gold futures closed higher by 1.3% to $1230.50 per ounce. It came within a couple points of taking out all-time highs at $1254.50, but ultimately fell short. July silver futures closed up 1.4% to $18.44 per ounce. Both precious metals used worse-than-expected economic data to move higher today.

July natural gas futures continued their recent rally today after they closed higher by 3.5% to $5.15 per MMBtu. Today's inventory data was a relative non-event. July crude oil finished lower by 1.1% to $76.79 per barrel.

Advancing Sectors: Utilities (+0.8%), Consumer Staples (+0.7%), Tech (+0.5%), Industrials (+0.2%), Energy (+0.1%), Health Care (+0.1%)
Declining Sectors: Consumer Discretionary (-0.6%), Materials (-0.3%), Financials (-0.1%), Telecom (-0.1%) DJ30 +24.71 NASDAQ +1.23 NQ100 +0.3% R2K +0.0% SP400 -0.2% SP500 +1.43 NASDAQ Adv/Vol/Dec 1316/1.77 bln/1284 NYSE Adv/Vol/Dec 1489/1.16 bln/1506