YAHOO [BRIEFING.COM]: Pleasing quarterly results from a couple of key industry players and some strong consumer spending numbers compelled market participants to push stocks higher for the fifth straight session to a new 18-month high.

The tone of trade was set last evening when tech bellwether Intel (INTC 23.52, +0.75) announced that it brought in $0.43 per share on $10.3 billion in revenue to exceed Wall Street's consensus estimate. Intel even issued a strong forecast for its second fiscal quarter. The numbers helped INTC build on its gain from the prior session to set a new annual high and also lead the Philadelphia Semiconductor Index up 4.3%, its best percentage gain in almost nine months, to a new 52-week high of its own.

Shares of JPM Chase (JPM 47.73, +1.86) were propelled to their best single-session percentage gain in six months after the company beat the consensus forecast this morning with first quarter earnings of $0.74 per share and revenue of $28.2 billion. In doing so, JPMorgan sets the bar for other major banks, like Bank of America (BAC 19.40, +0.73), which reports Friday morning.

Investor favor for financials helped Bank of America and Citigroup (C 4.93, +0.31) lead the KBW Bank Index to a 3.4% gain and an annual high. Citi announced that it has entered into a definitive agreement to sell to SkyBridge Capital certain hedge fund businesses. Shares of C were the most actively traded by volume in the broader market this session.

Collective strength among tech stocks and financial issues, which represent the two largest sectors by market weight in the S&P 500, helped push the S&P 500 through near-term resistance at 1200 all the way up to 1210 for the first time since September 2008. Despite such an impressive feat, many pundits continue to call for a correction since the stock market has now climbed more than 15% from its February low and more than 80% since it set multiyear lows in March 2009.

Despite such dizzying gains, data added to conviction among buyers.

Advance retail sales for March increased 1.6%, which exceeded the 1.2% increase that had been widely forecast. Excluding autos, retail sales for March increased 0.6% when a 0.5% increase had been expected.

Consumer prices in March increased an 0.1% month-over-month. That was in-line with expectations. Excluding food and energy, consumer prices were flat for the month, but the consensus had called for a 0.1% increase in core consumer prices.

Cool consumer prices and no mention of inflationary pressures in the latest Fed Beige Book left the dollar without much support, especially as participants showed less interest in defensive-oriented holdings. Instead, the buck fell to a 0.4% loss against competing currencies.

Consumer price index data calmed inflation fears this morning. Muting the notion that rates would rise in the near future, the dollar index sold off.

The weak dollar and the first draw in crude oil inventories since January resulted in higher energy prices this session. The energy complex rose 1.3%, collectively. This move was led by a 2.2% rise in front month crude oil. The May contract closed at $84.84 per barrel. Natural gas futures pulled back from a session high at $4.27 per MMBtu and closed at $4.20 per MMBtu, up 1.0%.

Gold futures netted modest gains despite weakness in the dollar. June gold closed just 0.5% higher at $1159.60 per ounce. Silver futures rose overnight and traded relatively flat during the pit trade. May silver closed 0.9% higher at $18.42 per ounce.

Soft commodities were notably strong this session, led by a 2.6% move in sugar futures

Little attention was paid to February business inventories, which increased a slightly stronger-than-expected 0.5%.

Fed Chairman Bernanke offered a testimony to the Joint Economic Committee today. Bernanke said he is particularly concerned about the fact that in March 44% of the unemployed had been without a job for six months or more, but offered no new position on Fed thinking.

Advancing Sectors: Financials (+2.6%), Tech (+1.7%), Consumer Discretionary (+1.5%), Industrials (+1.3%), Energy (+0.9%), Materials (+0.9%)
Declining Sectors: Health Care (-0.4%), Telecom (-0.1%)
Unchanged: Utilities, Consumer Staples DJ30 +103.69 NASDAQ +38.87 NQ100 +1.3% R2K +2.2% SP400 +1.5% SP500 +13.35 NASDAQ Adv/Vol/Dec 2155/3.00 bln/565 NYSE Adv/Vol/Dec 2356/1.14 bln/697