YAHOO [BRIEFING.COM]: Despite a stronger dollar and some sloppy action, the S&P 500 was able to net a modest gain in Tuesday's trade.

Stocks had started the session in negative territory as the U.S. dollar gained ground against a basket of major foreign currencies and drove the Dollar Index up almost 0.8% to a near one-month high. In the face of broader market weakness and a stronger greenback, materials stocks (+1.2%) were able to make strong gains as gold prices raced higher.

Gold shook free from its correlation to the greenback by trading higher for the entire session. It settled with a 2.9% gain at $1084.90 per ounce, but that was after it hit a new record high of $1087.30 per ounce. Gold's record high came about as the dollar handed back a large chunk of its gains, such that the Dollar Index closed with a near 0.2% gain.

The greenback's pullback also brought some buyers back into the broader equity market. Buyers showed favor for industrial stocks, which finished 1.4% higher, better than any other major sector. Among industrial plays, railroad stocks (+12.0%) garnered particular interest, thanks to a cash and stock offer of $100 per share for Burlington Northern Santa Fe (BNI 97.00, +20.93) from Warren Buffett's Berkshire Hathaway (BRK.A 100,450.00, +1,700). Despite that vote of confidence, stocks still lacked leadership.

Financials, a frequent leader for the broader market, traded erratically before settling with a 0.4% gain. Insurers (+4.4%) proved helpful in the advance, offsetting weakness in MasterCard (MA 219.20, -3.45), which posted better-than-expected third quarter earnings, but reaffirmed that it wouldn't hit its long-term revenue growth target due to recent macro weakness.

In other corporate news, Dow component Johnson & Johnson (JNJ 58.93, -0.56) reaffirmed an in-line earnings outlook for fiscal 2009, but also said it will eliminate 6% to 7% of its global workforce as it works to strengthen its position.

Factory orders for September were the only piece of data on the economic calendar. Orders increased a stronger-than-expected 0.9%, but that didn't have an impact on trade.

Economic data will be in sharper focus tomorrow, though. The ADP Employment Report for October is due, along with the ISM Services Index for October. The FOMC also issues its latest policy statement.

Advancing Sectors: Industrials (+1.4%), Materials (+1.2%), Energy (+1.1%), Financials (+0.4%), Consumer Discretionary (+0.3%)
Declining Sectors: Consumer Staples (-0.7%), Telecom (-0.5%), Tech (-0.3%), Utilities (-0.2%), Health Care (-0.1%)DJ30 -17.53 NASDAQ +8.12 NQ100 +0.4% R2K +1.5% SP400 +1.2% SP500 +2.53 NASDAQ Adv/Vol/Dec 1611/2.18 bln/1070 NYSE Adv/Vol/Dec 1841/1.38 bln/1185