YAHOO [BRIEFING.COM]: Steady support gave stocks strong gains Tuesday, but resistance capped the climb.

The dollar was the primary driver of today's action. It slid to a 0.7% loss as the euro rallied in the wake of some strong eurozone PMI manufacturing data that overshadowed wider yield spreads on riskier debt of countries like Greece.

There was no domestic data posted today, but a barrage of reports begins tomorrow. Tomorrow also brings the latest FOMC policy statement, which is widely expected to include plans for further quantitative easing. Though the size and scope of any such plan are not known, the market's reaction to the announcement will be telling of whether there is confidence in the Fed's efforts to keep away a double dip.

With the dollar down markedly ahead of tomorrow's events, stocks were able to attract a broad bid that propped up all 10 major sectors. What is more, the buying effort drove the S&P 500 back to within one point of its five-month high before it encountered formidable resistance in the 1195 to 1196 zone. Though the stock market failed to set a new multi-month intraday high, it did book its best close since early May.

Of the major sectors, defensive-oriented utilities actually settled with the strongest gain. The sector's 1.2% gain came after it had underperformed in the prior session.

With a 1.1% gain energy stocks were not far behind. The sector was led by oil and gas explorers (+1.5%) and oil and gas equipment plays (+1.4) amid a 1.2% rise in oil prices to $83.90 per barrel. BP Plc (BP 41.42, +0.65) outperformed after it posted an upside earnings surprise.

Dow component Pfizer (PFE 17.45, -0.17) posted better-than-expected earnings of its own and issued in-line guidance, but were out of favor for all but the first few minutes of the session.

Financials managed only a modest 0.3% gain. The sector was partly hampered by weakness among bank stocks, which collectively fell to a 0.2% loss after analysts at Moody's downgraded U.S. regional banks' supported ratings. Participation was unimpressive once again.

Fewer than 1 billion shares changed hands on the NYSE this session. That made it clear that many investors would rather wait on the sidelines to see the midterm election results, hear the Fed's latest take on and plans for the economy, and assess jobs data at the end of the week.

The weak dollar acted as a catalyst for select commodities today. Industrials and soft commodities led the way higher with 1.8% gains. The dollar propped up precious metals as well, with silver gaining 1.3% to settle at $24.84 per ounce, while Dec gold gained 0.4% to finish at $1356.90 per ounce.

Dec crude oil gained 1.2% to end at $83.90 per barrel. Weakness in the dollar, coupled with strength in equities, help priced higher today. Dec natural gas rebounded, following yesterday's sizable sell off, as it closed higher by 0.9% to $3.87 per MMBtu.

Advancing Sectors: Utilities (+1.2%), Consumer Discretionary (+1.1%), Energy (+1.1%), Telecom (+0.9%), Materials (+0.9%), Tech (+0.9%), Health Care (+0.8%), Industrials (+0.8%), Consumer Staples (+0.4%, Financials (+0.3%)
Declining Sectors: (None)DJ30 +64.10 NASDAQ +28.68 NQ100 +1.1% R2K +2.1% SP400 +1.1% SP500 +9.19 NASDAQ Adv/Vol/Dec 1948/1.93 bln/702 NYSE Adv/Vol/Dec 2209/913 mln/772