YAHOO [BRIEFING.COM]: All three major indices closed considerably higher Friday. The feat was punctuated by the fact that the advance marked the market's fourth straight gain, which puts stocks at fresh highs for 2009. The latest round of buying came amid continued willingness on the part of participants to chase gains and a better-than-expected existing home sales report.

Stocks started the session with broad-based gains as participants moved money off of the sidelines with the hope that stocks will continue to defy the calls from pundits for a pullback. The willingness of investors to chase recent gains has all three indices at their best levels of the year with the benchmark S&P 500 up nearly 55% from its March low.

A better-than-expected July Existing Home Sales Report led some to posit that the housing market has bottomed, which supported the case for increased buying activity. The report showed that existing home sales increased 7.2% month-over-month to an annualized rate of 5.2 million units, which exceeded the rate of 5.0 million units that was widely expected. Sales have increased in each of the last four months.

The surprisingly strong report helped drive the S&P 500 to its best single-session percentage gain this month and left all of its 10 major sectors with gains in excess of 1%.

Energy stocks (+2.7%) and materials stocks (+2.6%) fared the best. They benefited from the broader market's positive bias as well as a run up in commodity prices, namely oil. Oil prices finished 1.3% higher at $73.83 per barrel, up roughly 65% year-to-date. Gold made one of its best advances of the month by climbing 1.4% to $954.70 per ounce so that it is now just 5% below its 2009 high. The broader CRB Commodity Index advanced 0.9%; it is now up 13% this year.

Retailers also registered strong gains. Gap (GPS 19.48, +0.63) and Aeropostale (ARO 39.55, +3.67) led the way after posting positive earnings surprises for the latest quarter.

Trading volume on the NYSE was the highest it has been all week, but still in-line with longer term averages. That's actually unimpressive, though, since this was an options expirations session, which typically results in exceptionally high levels of trading volume. DJ30 +155.91 NASDAQ +31.68 NQ100 +1.5% R2K +2.3% SP400 +1.9% SP500 +18.76 NASDAQ Adv/Vol/Dec 1972/2.27 bln/709 NYSE Adv/Vol/Dec 2459/1.48 bln/577