YAHOO [BRIEFING.COM]: A handful of economic reports helped stocks reverse early losses to post strong gains. The advance was challenged by a late selling effort for the second straight session, but buyers stepped in to offer their bids.

Stocks initially traded with weakness as participants reacted to an ADP Employment Report that indicated 742,000 jobs were lost in March. Economists expected 663,000 job losses. While the report isn't always a precise predictor of the government's official nonfarm jobs report, which is due Friday, it does present a glimpse into labor market conditions.

Stocks were given a boost upon the release of several other economic reports.

Though the ISM Manufacturing Index for March showed continued contraction in manufacturing, it was essentially in-line with expectations at 36.3, and was up slightly from February's 35.8.

Meanwhile, monthly construction spending for February decreased 0.9%, but that was met with a positive reaction since it wasn't as severe as the 1.9% decline that was widely expected.

A surprise 2.1% increase in February pending home sales also helped improve sentiment. Pending home sales were expected to remain unchanged after declining 7.7% in January.

The broad-based buying effort that followed the reports helped push the S&P 500 past the 800 level, but the move slowed as the benchmark index encountered 810. Still, the S&P 500 was able to close just above that technical hurdle.

Meanwhile, the Dow swung some 275 points from its session low to its close. The reversal was brought about by broad-based strength as 27 of its 30 components logged a gain.

General Motors (GM 1.93, -0.01) was a laggard in the Dow after the company reported U.S. sales for March fell 45% year-over-year. The consensus estimate called for a 48% year-over-year drop.

Ford (F 2.74, +0.11) reported U.S. sales for March fell almost 41% from the prior year, which was slightly less severe than the 45% drop that was expected.

Given the troubles facing global automakers, Honda Motor Company (HMC 25.90, +2.20) announced it will further curtail production in North America, while also reducing salaries.

Health care was the only sector to finish the session with a loss; it spent the entire session in the red before closing 0.3% lower. Biotech stocks traded with considerable weakness after Celgene (CELG 38.47, -5.93) reaffirmed a disappointing forecast. DJ30 +152.68 NASDAQ +23.01 NQ100 +1.3% R2K +1.5% SP400 +1.1% SP500 +13.21 NASDAQ Dec/Adv/Vol 903/1755/2.15 bln NYSE Dec/Adv/Vol 709/2326/1.50 bln