YAHOO [BRIEFING.COM]: The major indices closed near session highs in a broad-based advance. Some better-than-expected corporate earnings and a satisfactory Treasury auction helped participants build on the prior session's gains. The latest batch of economic data was met with a muted response.

The major indices spent the entire session in positive territory, undeterred by choppy trading. Gains were widespread as all 10 major sectors in the S&P 500 closed the session higher.

Contrary to recent form, the gains came without leadership from the financial sector. Financials lagged for the entire session, frequently trading in the red. Financials were able to close 1.0% higher, though.

Tech (+4.0%) was one of the session's strongest performers. Large-cap tech names underpinned strength in the Nasdaq Composite, which outperformed the other headline indices for the entire session.

A better-than-expected earnings announcement and upbeat forecast from Best Buy (BBY 37.67, +4.21) breathed fresh air into investors, helping to further improve spirits ahead of the opening bell. Retailers responded by advancing 4.4%, supporting a 4.0% gain in the consumer discretionary sector.

Stocks spiked in early afternoon trading following the results from a 7-year Treasury Note auction. The satisfactory turnout helped moderate concern regarding the government's cost of capital and investors' risk appetites which stemmed from Wednesday's weaker 5-year Note auction.

Economic data did little to disrupt trading. The final fourth quarter GDP reading showed a 6.3% annualized rate of contraction, which wasn't as bad as the 6.6% decline that was expected.

Weekly initial jobless claims climbed 8,000 from the prior week to 652,000. However, that was essentially in-line with expectations. Continuing claims climbed more than expected to a record high of 5.56 million, though.

Several Regional Fed Presidents gave speeches today. The speeches covered a range of topics, but many believe the economic malaise will last for a few more months.

Treasury Secretary Geithner testified before the House Financial Services Committee that an overhaul of financial regulation is needed. The changes would aim to limit risk in order to prevent future financial crises. DJ30 +174.75 NASDAQ +58.05 NQ100 +3.6% R2K +4.4% SP400 +3.9% SP500 +18.98 NASDAQ Adv/Vol/Dec 2206/2.15 bln/509 NYSE Adv/Vol/Dec 2435/1.81 bln/615