8/3/2009 4:15:00 PM ET DJ30 PointChange: +114.95 Level: 9286.56 NASDAQ PointChange: +30.11 Level: 2008.61 NQ100 PercentChange: +1.5 R2K PercentChange: +1.6 SP400 PercentChange: +2.1 SP500 PointChange: +15.15 Level: 1002.61 NASDAQ-Adv:1880 Dec: 791 NYSE-Adv:2542 Dec: 522

[BRIEFING.COM] Better-than-expected economic data helped to bring about broad-based buying, which took the S&P 500 to fresh highs for the year and helped it close above the psychologically significant 1000 mark for the first time since November.

The ISM Manufacturing Index made its seventh straight increase by coming in at 48.9 for June. While the sub-50 reading still connotes contraction in the manufacturing sector, the reading was still better than what had been expected.

Construction spending data for June made a surprise 0.3% increase. It was expected to fall 0.5%. The data was released at the same time as the ISM, so the pair of pleasing reports helped to fend off an early challenge from sellers, who had actually halved the stock market's opening gains.

Emboldened buyers helped to prop up the broader market, but materials stocks provided the most leadership and saw the richest gains. The sector's 3.5% advance was helped along by a sharp rise in steel stocks (+6.5%) and diversified metals and mining stocks (+8.0%).

Sharply higher commodity prices provided a catalyst for the run by basic materials stocks. The CRB Commodity Index spiked 3.4% and is now up more than 9% during the course of the past three sessions. A weaker dollar helped the case for commodities.

Oil prices jumped 3.0% to $71.53 per barrel. That's the highest price for oil in one month. Energy stocks responded by jumping 2.3%.

Financial stocks also saw solid buying interest. They finished 2.7% higher and were early leaders in the broader market, thanks to encouraging midyear reports from Barclays (BCS 22.15, +1.61) and HSBC (HBC 54.50, +3.80). Both banks provided leadership to the European bourses.

Earnings announcements didn't have much of an impact on trading this session, mostly because many bellwethers have already reported. Nonetheless, Humana (HUM 33.76, +0.91) reported an upside earnings surprise, but that wasn't enough to lift other managed care providers (-0.6%).

In other corporate news, Ford (F 8.33, +0.33) reported its first uptick in monthly sales results since 2007 by registering a 2.3% increase in June.

Treasuries were under pressure for the entire session. The benchmark 10-year Note shed more than a full point to put its yield above 3.6%.