YAHOO [BRIEFING.COM]: Equities began today's abbreviated session with a bullish bias. The sentiment was maintained into the close as the S&P 500 reached its high during the first hour of trade, and hovered near that area until the close. The markets were unfazed by headlines from overseas which indicated the Eurozone Summit has been postponed and will likely take place early next year. Today's volume was well below-average and trade was trapped in a narrow range. As a result, the S&P 500 advanced 1.3%.

Technology stocks led the broader market. Shares of Apple (AAPL 571.50, +9.80) added 1.7% as the stock attempts to halt its recent slide.

Semiconductor manufacturers outperformed and the PHLX Semiconductor index gained 1.8%. Among individual stocks which comprise the index, Taiwan Semiconductor (TSM 16.84, +0.58) advanced 3.6% after Taiwan's finance minister called on the government to begin purchasing individual equities.

Looking at other outperformers within the semiconductor average, Advanced Micro Devices (AMD 1.95, +0.08) and Lam Research (LRCX 35.34, +0.84) saw respective gains of 4.3% and 2.4%.

Also of note, OCZ Technology (OCZ 1.16, -0.03) slid 2.5% after the company received a Securities and Exchange Commission inquiry and a subpoena requesting certain company documents. The investigation pertains to financial reporting of customer incentive programs among other matters.

Elsewhere, Research in Motion (RIMM 11.66, +1.40) surged 13.7% after National Bank Financial raised its estimates for Blackberry 10 sales. In addition, National Bank Financial raised the price target to $15 from $12.

Utility stocks continued their recent slide. The space was the only decliner among S&P sectors as settled lower by 0.3%. The biggest relative weakness was observed among electricity providers as Exelon (EXC 28.57, -0.28), Edison International (EIX 43.49, -0.33), and Southern Company (SO 42.03, -0.25) all lost between 0.6% and 1.0%.

The extended weakness in utility stocks comes as investors prepare for the possibility of a dividend tax hike. In addition, electricity providers are expected to face tougher regulation after Superstorm Sandy caused considerable damage to east coast infrastructure. Earlier in the week, the investigative panel appointed by New York Governor Andrew Cuomo named Regina Calcaterra as the director. The newly-established panel will investigate utilities' preparation and response to Superstorm Sandy.

The Dow Jones Transportation Average advanced 1.1% and railroad stocks saw relative strength. Kansas City Southern (KSU 77.61, +1.28) gained 1.7% and Union Pacific (UNP 121.98, +1.94) advanced 1.6%.

There are no economic data points scheduled for a Monday release.

Week in Review: Stocks Register Gains During Abbreviated Week

On Monday, equities opened amid optimism regarding a potential fiscal cliff compromise. In addition, headlines out of Europe indicated the next tranche of Greek aid will likely come through before December 5. The positive sentiment supported the S&P 500 throughout the day and the benchmark average gained 2.0% after a final round of buying ran it to a session high close. Meanwhile, the Nasdaq outperformed with a gain of 2.2%. Apple (AAPL 571.50, +9.80) spiked 7.2% in an attempt to establish support and put a stop to its recent softness.

Tuesday began on a down note after Moody's cut France's sovereign rating to ‘Aa1' from ‘Aaa.' In addition, disappointing earnings from Hewlett-Packard (HPQ 12.44, +0.50) contributed to the cautious sentiment. The major averages managed to break into positive territory by midday, but tumbled to fresh lows as Federal Reserve Chairman Ben Bernanke spoke in front of the Economic Club of New York. During his remarks, Mr. Bernanke commented on the fiscal cliff by saying that if a resolution is not reached, the economy would slide into recession. In such case, the Federal Reserve would be powerless as the Chairman does not believe the Fed has the tools necessary to deal with that eventuality. The S&P 500 followed the early afternoon slide with another climb towards the unchanged level before ending with a gain of 0.1%. Hewlett-Packard slumped 12.0% after reporting mixed results. In addition to the results, investors were drawn to another point of interest in the quarterly report. The report included an $8.8 billion charge related to serious accounting improprieties and misrepresentations by Autonomy Corporation before it came under Hewlett-Packard's control. Following the earnings release, ISI Group downgraded HPQ to ‘neutral' from ‘buy.'

On Wednesday, the S&P 500 endured choppy trade during the first two hours of action. The index followed the early indecision with a run to session highs where it spent the majority of the afternoon. The market received some encouraging news from the Middle East where Israel and Hamas have reached a cease-fire agreement. However, the Eurozone remains a concern into the holiday as the next tranche of Greek aid was yet to be approved. The day's trade was confined to a tight range and volume was well below average. As a result, the S&P 500 ended higher by 0.2%. Salesforce.com (CRM 159.45, +0.67) spiked 8.8% after beating on the top and bottom lines. In addition to the quarterly beat, the cloud computing company issued in-line fourth quarter and full-year earnings and revenue guidance.

Equity and bond markets were closed on Thursday in observance of Thanksgiving.