YAHOO[BRIEFING.COM]: Stocks were up as much as 1.8% before the latest batch of economic data triggered a round of selling pressure. The major indices were able to finish the see-saw session with marked gains, but off their session highs.

November factory orders fell 4.6%. They were expected to decline 2.3% after falling 6.0% in October.

November home sales were down 4.0% month-over-month, which is worse than the 1.0% decline that was widely forecast. Sales were down 4.2% in the prior month.

Bucking the trend of worse-than-expected data, the December ISM Service Index came in at 40.6, which was better than the consensus estimate of 36.5. The reading was also up from a multiyear low of 37.5.

In other economic news, the minutes from the Dec. 16 Federal Open Market Committee (FOMC) meeting indicated there was significant contraction in economic activity during the fourth quarter, and downside risk to growth remains. Unemployment is expected to rise significantly into 2010.

The FOMC noted it stands ready to expand purchases of agency debt and agency mortgage-backed securities; it is also evaluating the potential benefits of purchasing longer-term Treasuries.

Stocks slipped in the wake of the announcement, but found support when they tested afternoon lows. The re-emergence of buyers paired with the realization that the FOMC's comments didn't really tell the market anything new helped stocks ascend to their best levels of the afternoon.

However, the stock market was unable to eclipse its session high and drifted lower to finish the session with a 0.8% gain.

Cyclical plays were among the strongest gainers.

Tech topped the other economic sectors by advancing 3.0% with help from large-cap holdings like Microsoft (MSFT 20.76, +0.24) and Hewlett Packard (HPQ 39.31, +2.98). Other large-cap tech names helped the Nasdaq outperform the other headline indices.

Materials (+1.9%) advanced with help from Mosaic (MOS 38.56, +0.89). Mosaic posted better-than-expected quarterly earnings results but ran into some pressure when it indicated during its conference call it is seeing a tight supply chain. Meanwhile, Dow Chemical (DOW 16.05, +1.00) indicated it will seek to enforce its rights regarding a failed business agreement with a Kuwaiti petrochemical outfit.

Consumer discretionary stocks (+1.8%) and industrials (+1.6%) also outpaced the broader market.

Energy was a leader early on, gaining as much as 3.0%, but it finished just 0.5% higher as oil prices pared early gains to close just above the unchanged mark at $48.85 per barrel. Oil was up as much as 3.4%. 

Financials (+1.9%) were the only other economic sector to post a gain. Its advance came in the face of a warning from Bank of America (BAC 14.28, +0.30) chief executive Ken Lewis that 2008 results are expected to be below Wall Street's expectations. Bank of America isn't scheduled to announce its quarterly results until later this month.DJ30 +62.21 NASDAQ +24.35 NQ100 +1.0% R2K +1.9% SP400 +1.6% SP500 +7.25 NASDAQ Adv/Vol/Dec 2013/2.19 bln/758 NYSE Adv/Vol/Dec 2461/1.34 bln/681