Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+1.0%), and DJIA (+0.2%) have pulled back from their earlier highs as U.S. Treasuries give back their initial gains.

Crude oil remains firmly lower, currently down $2.63 (-2.8%) to $90.24 per barrel, although it has recovered from steeper losses that followed the G7's announcement of a coordinated release of 100 million barrels of oil through the IEA, beginning immediately and extending over four months.

U.S. Treasuries, meanwhile, have returned to near their opening levels, with the 10-year note yield now up one basis point to 5.25%.

Still, stocks remain broadly higher, with eight S&P 500 sectors trading in positive territory. Mega-cap and technology stocks continue to provide solid leadership, with the information technology sector (+0.9%) and consumer discretionary sector (+1.2%) among today's best performers. The Vanguard Mega Cap Growth ETF is up 0.8%, while the PHLX Semiconductor Index has climbed 2.7%.

The advance also extends beyond the market's largest names, with the Russell 2000 (+1.0%) and S&P Mid Cap 400 (+0.9%) outperforming the major averages.