4:30 pm : Stocks started 2012 on a strong note by scoring its best single-session percentage move in two weeks. The effort took the stock market to a two-month closing high.

A lack of corporate news and domestic data ahead of the open left many market participants to take their cues from foreign averages. Buying abroad was backed by a manufacturing reading from China that suggested activity began to expand after it had contracted in the prior month. India also reported its best manufacturing reading in six months. Manufacturing data from Europe also proved relatively encouraging. Recent manufacturing activity in the United Kingdom made a modest contraction, but to a lesser extent than had been anticipated. A reading on eurozone manufacturing activity was more in-line with expectations.

An advance by the euro also proved beneficial to stocks. By session's end the euro was sporting a 0.8% lead against the greenback. Stocks took little time to sprint higher following the toll of the opening bell.

Collective gains remained strong, on the order of 2%, following the release of the December ISM Manufacturing Index, which improved to 53.9 from 52.7 in November. That exceeded expectations for a reading of 53.4.

Construction spending for November also proved supportive of early gains. It increased by 1.2%, which bested the 0.5% increase that had been generally expected after a downwardly revised 0.2% decline during October.

Financial and materials stocks, the two worst performing sectors of 2011, led early gains, but the pair lacked the influence to take the S&P 500 past resistance at its multi-month closing high of 1285. From there stocks drifted lower before they made a modest attempt to reclaim gains.

Minutes from the most recent FOMC meeting failed to have any real influence on action since they offered no new insight. The minutes indicated that domestic economic activity expanded moderately despite some apparent slowing in the growth of foreign economies and ongoing financial difficulties in Europe. Although members of the FOMC generally continue to believe that the pace economic activity will pick up in 2012 and 2013, a number of members indicated that current and prospective conditions could warrant additional policy accommodation.

Stocks were unable to return to session highs, but the major averages still settled with strong gains. Participants were uninterested in defensive-oriented issues, however. As such, both the telecom and consumer staples sectors settled only fractionally above the flat line while utilities lagged the only loss of any sector. In the first session of 2012 utilities tumbled almost 2% for a poor follow up to 2011; by climbing close to 15% last year utilities were the best performing sector of the year.

Commodities also benefited from a positive bias, which took the CRB Commodity Index 2.6% higher. That made for its best single-session percentage move in more than three months. Oil was a strong influence; it climbed more than 4% to settle pit trade only a few cents shy of $103 per barrel. In addition to a weaker dollar, oil's climb came in conjunction with aggressive rhetoric from Iran regarding its occupation of shipping lanes and the presence of the U.S. ships there.

Advancing Sectors: Materials +3.0%, Financials +2.8%, Energy +2.6%, Industrials +2.1%, Tech +1.7%, Health Care +1.4%, Consumer Discretionary +0.9%, Telecom +0.1%
Unchanged: Consumer Staples
Declining Sectors: Utilities -1.7%DJ30 +179.82 NASDAQ +43.57 NQ100 +1.9% R2K +1.5% SP400 +1.0% SP500 +19.46 NASDAQ Adv/Vol/Dec 1921/1.66 bln/693 NYSE Adv/Vol/Dec 2351/851 mln/695

3:30 pm : There was a broad based rally in commodities today, aided by strength in global equity markets and weakness in the dollar (or corresponding strength in the euro). Gold futures rallied 2.1% to close at $1600.50 per ounce, while silver futures surged 5.9% to settle at $29.57 per ounce. Copper futures partook in the rally as well, posting gains of 2.8% to finish at $3.53 per pound.

Crude oil futures posted gains of 4.2% to settle at $102.96. Aided by the continued saber-rattling in Iran and the rally in equities, crude futures put in session highs at $103.13, its best levels since Nov 17, and closed just shy of those levels. Natural gas finished just above the unchanged mark at $3.00 per MMBtu. In morning trade, nat gas priced dipped to a fresh 28 month low at $2.94. They managed to rebound off those lows to recoup their losses.DJ30 +204.69 NASDAQ +44.99 SP500 +23.00 NASDAQ Adv/Vol/Dec 1873/1.3 bln/710 NYSE Adv/Vol/Dec 2381/589.1 mln/723

3:00 pm : Stocks are steadily working their way higher, but they have yet to return to the heights that they set in the first hour of action.

Financials and materials stocks continue to lead the way. The two cyclical sectors have outperformed for virtually the entire session and are both boasting gains in excess of 3%. Energy stocks aren't too far behind, however; they've collectively climbed to a 2.9% gain as oil and gas exploration and equipment plays, drillers, and transporters respond to a strong jump in oil prices back above $100 per barrel. DJ30 +226.07 NASDAQ +50.23 SP500 +23.62 NASDAQ Adv/Vol/Dec 1910/1.15 bln/680 NYSE Adv/Vol/Dec 2420/500 mln/610

2:30 pm : Among the more notable takeaways from the minutes of the most recent FOMC meeting, domestic economic activity expanded moderately despite some apparent slowing in the growth of foreign economies and ongoing financial difficulties in Europe. Members of the FOMC generally continue to believe that the pace economic activity will pick up in 2012 and 2013, but a number of members indicated that current and prospective conditions could warrant additional policy accommodation.DJ30 +209.15 NASDAQ +44.98 SP500 +21.21 NASDAQ Adv/Vol/Dec 1920/1.06 bln/670 NYSE Adv/Vol/Dec 2405/460 mln/625

2:00 pm : The euro has extended its advance against the greenback so that it now trades at $1.307 for a 0.9% gain. The euro's climb coincides with efforts by stocks to retrace their descent from session highs. However, stocks still have a ways to go before they can re-test session highs.

Minutes from the most recent FOMC meeting were just posted. Market participants are still processing the verbiage of the comments by FOMC members, rather than making any sort of immediate or knee-jerk reaction. DJ30 +202.19 NASDAQ +44.05 SP500 +20.57 NASDAQ Adv/Vol/Dec 1860/985 mln/715 NYSE Adv/Vol/Dec 2310/430 mln/700

1:30 pm : Stocks appear to have stabilized after spending about 90 minutes making a gradual descent. The major equity averages have yet to reclaim the gains that they forfeited, though.

Commodities continue to sport heady gains. Strength in that space has the CRB Commodity Index up 2.6%, which makes for its best single-session percentage move since a 2.7% climb more than three months ago. Oil has been a primary driver of the move; it is up 3.6% to $102.35 per barrel, which puts it back near its seven-month high. DJ30 +187.32 NASDAQ +38.46 SP500 +18.53 NASDAQ Adv/Vol/Dec 1870/920 mln/690 NYSE Adv/Vol/Dec 2335/405 mln/660

1:00 pm : Stocks sprinted ahead to strong gains in the early going. The move was broad based and underpinned by a stronger euro, which currently leads the dollar by 0.8%, and renewed buying interest abroad following a handful of encouraging foreign manufacturing reports. Moreover, domestic manufacturing activity for December proved stronger than what had been expected.

Resistance capped the stock market's climb, though. Once the S&P 500 came in contact with the 1285 line, which stands as its multi-month closing high, stocks set adrift into a sideways crawl. They have since drifted down to their lowest levels since the opening minutes of trade.

Broad market strength may be waning, but financials and materials stocks continue to boast enviable gains well in excess of 2%. The two cyclical sectors represent today's top performers, although they actually booked the two worst performances for any major sector in 2011, suffering annual losses of about 18% and 12%, respectively. In contrast, defensive-oriented utilities have lagged all session and are currently down more than 1%. As a group, utilities climbed close to 15% in 2011; they were the best performing sector of the year. DJ30 +173.92 NASDAQ +36.95 SP500 +17.96 NASDAQ Adv/Vol/Dec 1885/825 mln/660 NYSE Adv/Vol/Dec 2400/365 mln/590

12:30 pm : Stocks continue to slowly drift downward from their session highs. There is no clear catalyst or apparent cause for the pared gains, but it comes after the S&P 500 failed to overcome resistance at its multi-month closing high of 1285.

The dollar has been in weak shape all day. It was last quoted with a 0.7% loss against a collection of competing currencies, but most of its weakness is owed to a stronger euro and stronger sterling pound, which were recently quoted with respective gains of 0.8% and 0.9% against the greenback. DJ30 +200.60 NASDAQ +44.12 SP500 +20.87 NASDAQ Adv/Vol/Dec 1950/730 mln/585 NYSE Adv/Vol/Dec 2450/330 mln/535

12:00 pm : Stocks have drifted out of their recent trading range, but they continue to sport impressive gains.

Although buying interest has been relatively broad for the entire session, more recent action has put financials and materials stocks out in front of the broad market -- both sectors currently boast gains on the order of 3%. Bank stocks and diversified financial services stocks have been leaders in the financial space while the materials space has been largely led by metals and mining issues.

Interestingly, financials and materials were the two worst performing sectors of 2011. The two sectors suffered annual losses of about 18% and 12%, respectively. DJ30 +225.08 NASDAQ +48.58 SP500 +22.86 NASDAQ Adv/Vol/Dec 2000/635 mln/505 NYSE Adv/Vol/Dec 2520/295 mln/450