YAHOO [BRIEFING.COM]: Equities got off to a strong start today but could not hold their gains into the afternoon. The S&P 500 briefly touched a 4-year high before retreating to session lows. Total volume was better than what has been seen in recent days, but remained well below average. The Dow underperformed and finished lower by 0.5% while the S&P 500 shed 0.4%.

Financial stocks outperformed the broader market as the components appeared to be benefit from the rotation out of traditionally safer stocks found in the utility and telecom sectors. Major names showed considerable intraday strength, but final gains were a bit slimmer due to the afternoon sell-off.
JPMorgan Chase (JPM 38.04, +0.67) and Citigroup (C 30.73, +0.75) added 1.8% and 2.5%, respectively. Today's strength has Citigroup up nearly 16.0% since its earnings report in mid-July. European financials were even more exuberant as Deutsche Bank (DB 34.07, +1.38) and Credit Suisse (CS 18.68, +0.59) gained 4.2% and 3.3%, respectively.

The materials sector also showed strength. Within the group,
A.M. Castle & Co (CAS 11.69, +2.47) surged 26.8% after Platinum Equity bought a 6.0% stake through metal processor Ryerson. The private equity firm also said it might try to buy the rest of the company. Meanwhile, Freeport-McMoRan (FCX 36.49, +1.13) advanced 3.2%.

The Dow Jones Transportation Average outperformed the market. After yesterday's rally in airline stocks was brought on by a fare hike,
Delta Airlines (DAL 9.71, +0.25) enjoyed its second day of gains. Shares of the carrier ended higher by 2.6%. Trucking stocks were also stronger with Con-Way (CNW 31.24, +0.46) up 1.5%.

Coal stocks rallied after the U.S. Court of Appeals in Washington threw out an Environmental Protection Agency rule over limits on sulfur dioxide and nitrogen oxide emissions.
Alpha Natural Resources (ANR 6.90, +0.40) jumped 6.2% on the news. Other coal names have faded some of the post-ruling gains, but they remained bid. Westmoreland Coal (WLB 7.94, +0.45) and Peabody Energy (BTU 23.79, +0.85) advanced by 6.0% and 3.7%, respectively.

Earlier today, tech giant
Apple (AAPL 656.06, -9.08) marked an all-time high at $674.88, but some late morning selling dropped it into negative territory. The stock remained there for the remainder of the session and finished with a loss of 1.4%. Elsewhere, Daktronics (DAKT 9.43, +1.37) soared 17.0% after beating on earnings and revenues.

Shares within the telecommunications space weighed on the major averages.
Neutral Tandem (IQNT 10.99, -0.56) slid 4.9% as selling pressure pushed the stock down to levels last seen in mid-March. Meanwhile, Verizon (VZ 42.89, -0.81) and AT&T (T 36.59, -0.30) ended lower by 1.9% and 0.8%, respectively.

There are a few names of interest remaining on the tail end of the earnings calendar.
Dell (DELL 12.34, -0.22) will report earnings after today's close. The personal computer retailer is expected to earn $0.45 on $14.66 billion revenues. Meanwhile, Williams-Sonoma (WSM 38.23, +0.90) will also report after the bell. The culinary retailer is expected to report earnings of $0.41 on $863.84 million revenues.

Tomorrow morning, two apparel companies will report their quarterly results. Analysts expect
American Eagle Outfitters (AEO 20.83, +0.38) to earn $0.21 on revenues of $738.72 million. Elsewhere, expectations call for Express (EXPR 16.90, -0.03) to earn $0.17 on $467.42 million revenues.


Crude oil traded higher in today's floor trade on a decline in the dollar and further tensions in the Middle East. Earlier today, reports suggested that President Obama has warned about military action against Syria if the country deploys chemical or biological weapons. The energy component climbed to a session high of $97.85 per barrel but lost steam in afternoon action. Despite the pull-back, crude still managed to book a gain of 0.6% as it settled at $96.89 per barrel.

Natural gas fell 11 cents, or 4%, to a floor session low of $2.70 per MMBtu following reports that a U.S. Court put on hold an EPA rule over limits on sulfur dioxide and nitrogen oxide emissions. However, concerns over weather-related disruption of production in the Gulf had buyers step in and quickly correct the move. It then popped to a session high of $2.84 per MMBtu, but a sell-off heading into the close left natural gas to settle unchanged at $2.78 per MMBtu.

Precious metals gained steam as the dollar fell in response to reports of further evidence that the ECB may be moving toward capping yields on Italy and Spain. In addition, Spain held a successful auction which has helped sentiment.

Gold traded higher for a fifth consecutive pit session and touched a new three-and-a-half month high of $1643.60 per ounce. The yellow metal then traded in a consolidative pattern and settled with a 1.2% gain at $1642.90 per ounce.

Silver also climbed higher in today's floor trade. It came off its session low of $28.92 per ounce and settled with a solid 2.9% gain at $29.42 per ounce, or just below its session high of $29.44 per ounce


Tomorrow's economic calendar includes three releases. The MBA Mortgage Index will be announced at 7 AM ET, and existing home sales will be reported at 10 AM ET. Finally, the FOMC minutes will be released at 2 PM ET.DJ30 -68.06 NASDAQ -8.95 SP500 -4.96 NASDAQ Adv/Vol/Dec 1065/1.53 bln/1385 NYSE Adv/Vol/Dec 1309/640.9 mln/1648