YAHOO [BRIEFING.COM]: A pullback by the buck and strength among financials combined to help the broader market make its way up to a new 52-week high after stocks had traded with a modest loss in the early going. Gains faded a bit into the close, but overall price action remained positive.

Participants pressured stocks in the early going as the greenback gained ground against competing currencies. It was up nearly 0.7% at its session high, but that gain was cut shortly after the midafternoon release of minutes from the latest FOMC meeting. According to those minutes, the Fed's language regarding low interest rates for an extended period of time does not preclude the Fed from promptly tightening policy. Still, the Fed added that the extended period language could last longer if economy worsens or inflation declines. To the latter point, the FOMC members indicated that consumer spending in the first quarter still seemed constrained and that data has shown a greater-than-expected decline in inflation. Given those observations the Dollar Index dipped to close with a gain of 0.3%.

The dollar's moderation helped the broader market break free from an afternoon of range-bound trade, which was largely the result of resistance at the neutral line.

Leadership from the financial sector had helped to initially lift the broader market up from its opening low. Buyers sought bank stocks, so the KBW Bank Index tacked on 2.4%. That sent the broader financial sector 1.1% higher.

Retailers were also strong on a relative basis. The group gained 0.6%. Discount retailer Dollar General (DG 27.01) was especially strong after it was upgraded by analysts at Wells Fargo. The analysts initiated Family Dollar (FDO 37.79, +0.30) with a strong ranking ahead of the retailers earnings report tomorrow morning.

Also on the earnings calendar, Schnitzer Steel (SCHN 54.66, -0.56) is scheduled to announce its latest quarterly results Wednesday evening. Its shares failed to sustain the gains that were sported by larger competitors AK Steel (AKS 25.00, +0.80) and US Steel (X 69.71, +0.75).

Though the stock market failed to finish the session at its high and its overall move was modest, it still booked its third straight gain or its sixth advance in seven sessions (including a couple of fractional gains).

Natural gas fell 4.2% this session after rising 12% since last Thursday's 6 month low. The May contract hit a session low at $4.07 per MMBtu in the afternoon; it closed at $1.40 per MMBtu.

The front month crude oil futures hit a new 18 month high at $87.09 per barrel this session. May crude oil finished 0.3% higher at $86.84 per barrel.

Gold futures pared early losses to finish with a very modest gain. June gold futures closed 0.2% higher at $1136.50 per ounce.

Sellers were in control of silver futures, though. May silver closed 0.9% lower at $17.96 per ounce after trading in negative territory for the entire session.

Wheat futures were notably higher this session. July wheat futures closed with a 2.2% gain at $4.70 per bushel on a covering of short positions.

Treasuries made a modest bounce after pressure in the prior session drove the yield on the benchmark 10-year Note above 4.00%. Gains in the 10-year Note remained steady after a $40 billion auction of 3-year Notes drew a higher-than-expected yield of nearly 1.78%. The auction's bid-to-cover ratio came in at 3.10, which was in step with that of the prior auction, but up from the 10-auction average of 2.94. Indirect bidders accounted for 52.2%, up from 51.8% in the prior auction, but below the 10-auction average of 53.4%.

Advancing Sectors: Financials (+1.1%), Utilities (+0.9%), Materials (+0.2%), Consumer Discretionary (+0.2%)
Declining Sectors: Telecom (-0.4%), Consumer Staples (-0.3%), Health Care (-0.2%)
Unchanged: Tech, Energy, Industrials DJ30 -3.56 NASDAQ +7.28 NQ100 +0.2% R2K +0.6% SP400 +0.5% SP500 +2.00 NASDAQ Adv/Vol/Dec 1498/2.12 bln/1151 NYSE Adv/Vol/Dec 1705/933 mln/1306