YAHOO [BRIEFING.COM]: Stocks came storming back from a sharp slide in the prior session. Natural resource stocks and financial plays led the broad-based rebound, which saw the stock market settle at its best level of the day.

Trade started in positive territory, but the stock market's footing in the early going wasn't entirely secure. In turn, the major indices slipped a bit as sellers tried to challenge the opening gain.

However, a quick response by buyers gave the broader market support near the neutral line. That gave way to a rebound that was extended amid news that pending home sales for April made a 6.0% monthly increase, which exceeded the 5.0% monthly increase that had been widely expected.

Moreover, a modest bounce by the euro gave removed a headwind from the stock market and caused the greenback to pull back. The euro settled with a 0.1% gain at $1.224 after it had logged a new four-year low of $1.211 yesterday. Meanwhile, the dollar fell to a 0.2% loss against a larger basket of foreign currencies.

Breadth was decidedly positive, but energy stocks jumped out in front of the broader market. The sector settled with a 4.3% gain as a relief rally took hold of oil and gas equipment plays, several of which hit a nine-month low in the prior session. The Oil Service HOLDRS Trust (OIH 94.96, +5.49) registered its best single-session gain in more than one year.

Basic materials stocks also proved to be a boon for the broader market. They climbed 3.0% as steel stocks spiked 4.2% and diversified metals and miners muscled their way to a 4.0% gain.

Market participants also favored financial stocks, which settled 3.0% higher. While strength in the sector was broad, volume was concentrated around banking issues like Bank of America (BAC 15.89, +0.46), which reiterated that charge-offs appear to have peaked and that the bank does not have huge, direct exposure to Europe during a Sanford Bernstein conference.

Shares of retailers lagged for the entire session, but they still managed to advance 1.5%. Many investors showed trepidation ahead of the latest monthly same-store sales figures.

Oil and gas prices held steady in positive territory to settle the session with gains, but precious metals prices were unable to attract enough support to find higher ground.

Oil futures prices managed to close pit trade at $72.86 per barrel, which was shy of its session high of $73.93 per barrel, but it was still good enough to give the commodity a 0.4% gain.

Natural gas prices pushed 4.0% higher to close at $4.42 per MMBtu. That was just a couple of cents shy of its session high.

Gold prices settled pit trade with a 0.4% loss at $1222.60 per ounce. Prices were as low as $1213.20 per ounce and never made it into positive territory during the session.

Silver prices sank 1.3% to close pit trade at $18.32 per ounce. They had been as low as $18.09 per ounce.

Though gold and silver were weak, strength in oil and gas helped give the CRB Commodity Index a 0.2% gain.

In addition to more monthly retail sales reports, there is a bevy of data tomorrow morning, including weekly jobless claims, monthly factory orders, the latest ISM Service Index, and the latest monthly ADP Employment Report. The Labor Department's Employment Report for April will be released Friday morning.

Participation was average ahead of the reports. To be specific, not quite 1.4 billion shares traded hands on the NYSE this session. That's in-line with the 50-day moving average for the Big Board.

Advancing Sectors: Energy (+4.3%), Financials (+3.0%), Materials (+3.0%), Industrials (+2.5%), Consumer Discretionary (+2.4%), Health Care (+2.4%), Tech (+2.2%), Utilties (+2.1%), Telecom (+2.0%), Consumer Staples (+1.7%)
Declining Sectors: (None) DJ30 +225.52 NASDAQ +58.74 NQ100 +2.4% R2K +3.1% SP400 +2.7% SP500 +27.67 NASDAQ Adv/Vol/Dec 2162/2.17 bln/519 NYSE Adv/Vol/Dec 2592/1.35 bln/455