YAHOO [BRIEFING.COM]: The stock market made its way to fresh 2009 highs before paring its gains in afternoon trading. Despite the weak close, stocks were still able to log solid, broad-based gains with advancing issues outnumbering decliners by 3-to-2 in the S&P 500.

The session's advance was strongest among utilities stocks, which climbed 2.0%. Gains were also impressive among energy stocks, which finished 1.8% higher.

The advance by energy stocks came as crude oil prices extended their recent run, thanks partly to an improved 2009 global oil demand forecast from the International Energy Agency. Oil prices settled 1.8% higher at $72.60 per barrel, a fresh closing high for the year.

A weaker U.S. dollar also provided a boon for oil, as well as other commodities. With the greenback shedding 1.1% against a basket of major foreign currencies, the CRB Commodity Index tacked on 2.0%.

Weakness in the dollar intensified after an auction of 30-year Bonds carrying a yield of 4.72% was met with a bid-to-cover ratio of 2.7. The results kicked up buying among Treasuries, sending the benchmark 10-year Note higher and the Note's yield lower. Ahead of the open the 10-year Note had been yielding nearly 4%, but it closed with its yield below 3.9%. The 30-year Bond saw its yield pull back to 4.7%.

Higher borrowing costs associated with higher yields have caused concern that an economic rebound could get choked off, with particular challenges for the housing industry. According to Bankrate.com, the overnight average for a 30-year fixed mortgage stands at 5.74%, up from last week's 5.35%.

Economic data had little impact on trading this session. According to the latest Advance Retail Sales Report, both total retail sales and retail sales less autos increased 0.5%, which marked the first increase in three months. Total sales were in-line with expectations, while sales excluding autos were actually stronger than expected.

Still, such discretionary spending is expected to be challenged in coming months as workers struggle to find employment. As such, continuing unemployment claims climbed to a new record high. However, some are encouraged by the continued decline in initial weekly jobless claims. DJ30 +31.90 NASDAQ +9.29 NQ100 +0.1% R2K +0.5% SP400 +0.6% SP500 +5.74 NASDAQ Adv/Vol/Dec 1723/2.49 bln/966 NYSE Adv/Vol/Dec 1866/1.22 bln/1167