CLOSING BELL

Dow 10296.85  +111.32, Nasdaq 2190.06  +18.86, S&P 1103.32  +14.13 

Despite a sluggish start the stock market made its way back above 1100 as the bulls offered broad-based support for the second straight session.

Though the S&P 500 was able to make its way back above the 1100 resistance level, it remains -4% below its January high. All 10 major sectors finished the today higher.  Seven of them gained in excess of +1%.

The CRB Commodity Index made its best single-session percentage gain in nearly one month with a +1.9% gain. Oil closed with +3.7% higher at $77.17 per barrel.

Energy names topped this today’s most actively traded stocks by volume.  Overall volume was slightly above average as almost 1.2 billion shares exchanged hands on the NSYE this session.

Treasury Secretary Geithner testified before the Senate Finance Committee this morning on the government's fiscal 2011 budget. Part of the testimony was an appeal for a bipartisan effort to lower down deficits that he blamed on the Bush administration.

In economic news, pending home sales in December increased +1.0% month-over-month, which is in-line with expectations. Pending sales for November were downwardly revised to show a -16.4% month-over-month decline.

Advancing Sectors: Health Care +1.9%, Industrials +1.9%, Consumer Discretionary +1.5%, Energy +1.4%, Telecom +1.3%, Consumer Staples +1.3%, Financials +1.1%, Tech +0.8%, Utilities +0.8%, Materials +0.4%

Declining Sectors: (None)