YAHOO [BRIEFING.COM]: Stocks spent most of the session mired in moderate weakness, but were able to push higher in the wake of the latest statement from the Federal Open Market Committee (FOMC).

The first FOMC policy statement of the new year came on the eve of a vote to put Ben Bernanke back into the seat of Fed Chairman. To little surprise the statement indicated that economic activity continues to strengthen and that the deterioration in the labor market is abating. The FOMC also opted to keep the federal funds rate at 0.00% to 0.25% and will maintain exceptionally low levels for an extended period of time. Kansas City Fed President Hoenig was the only FOMC member to dissent.

A knee-jerk reaction to the statement caused stocks to whipsaw before they eventually pushed into positive territory. Financials, which had steadily outperformed since the opening bell, were a primary leader in the late advance. The sector managed to make its way to a 2.3% gain. Regional bank stocks (+3.7%) and diversified banks (+4.1%) were leaders in the sector. Their strength came amid news that Barney Frank, Chairman of the House Financial Services Committee, stated that proposals to clamp down on risky activities at banks could be put into law within months. Such measures would likely have more of an adverse impact on larger, diversified financial services companies, but even they were able to climb 2.4% this session.

While financials provided leadership to the broader market, Apple (AAPL 207.88, +1.94) helped the Nasdaq Composite outperform its counterparts. Apple's advance came amid a favorable reaction to the company's newly launched iPad, as well as pricing for the product. News that Apple will rely on the network of AT&T (T 25.62, +0.29) provided support for the integrated telecom giant.

There were several earnings announcements for participants to chew on this session, but the results were largely overshadowed by anticipation for the FOMC statement. Still, earnings continue to generally exceed expectations -- Caterpillar (CAT 53.44, -2.41), United Technologies (UTX 67.61, -1.57), Boeing (BA 61.93, +4.22), Illinois Tool Works (ITW 43.99, -1.20), Abbott Labs (ABT 53.90, -0.58), and ConocoPhillips (COP 49.81, -0.62) were part of the latest bunch. However, some of the reports were of lesser quality and featured mixed guidance.

Despite another underwhelming response to earnings, the stock market was still able to book a gain this session. However, all three major indices remain below their 50-day moving averages.

Commodities were wrought with weakness this session. Not even a surprise draw in weekly crude oil inventories could deter sellers from dragging down oil prices to close pit trade with a 1.4% loss at $73.64 per barrel. Oil had been as low as $72.65 per barrel, which marked a one-month low.

Collective weakness among commodities gave the CRB Commodity Index a 1.9% loss. That marks its worst single-session percentage slide in two months and leaves the CRB down 2.5% week-to-date.

The latest batch of new home sales numbers were displeasing. According to the report, annualized new home sales for December made a 7.6% monthly decline, which contrasted negatively with the consensus call for a 3.0% month-over-month increase.

Advancing Sectors: Financials (+2.3%), Tech (+0.6%), Health Care (+0.6%), Consumer Discretionary (+0.4%), Telecom (+0.4%), Industrials (+0.2%), Consumer Staples (+0.1%)
Declining Sectors: Materials (-0.8%), Energy (-0.6%), Utilities (-0.5%)DJ30 +41.87 NASDAQ +17.68 NQ100 +0.8% R2K +1.0% SP400 +0.2% SP500 +5.33 NASDAQ Adv/Vol/Dec 1577/2.48 bln/1076 NYSE Adv/Vol/Dec 1517/1.30 bln/1515