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From Briefing.com: 4:30 pm : Stocks set fresh four-month highs as buyers provided broad support amid a steep drop by the dollar, which was sunk by speculation of further quantitative easing.

Participants first appeared uninspired by news that Australia's reserve bank left its cash rate unchanged at 4.5% after a series of rate hikes and that Japan's central bank cut its key interest rate to near zero. However, Japan's plans for a 5 trillion yen fund to purchase bonds and other asset backed securities forged the idea that the U.S. may also have in place plans for further quantitative easing.

Such a prospect weighed heavily on the dollar, which dropped 0.8% to a new eight-month low, but spurred higher almost 98% of the names in the S&P 500. The broad index settled at its best level since May.

The stock market's move to that mark was gradual. It had hesitated near key resistance levels, but got some additional support after the release of the September ISM Service Index. The Index came in at 53.2, up from the prior month and above the 51.8 that had been widely expected among economists polled by Briefing.com.

The materials sector benefited the most from this session's buying. It rallied 2.8% for its best single session advance in one month. Support for natural resource plays and basic materials stocks was augmented by a jump in commodities, which sent the CRB Commodity Index up 1.6%. Precious metals outshined as the continuous gold contract climbed close to 2% to set a new all-time high of $1340.60 per ounce and the continuous silver contract spiked more than 3% to a fresh 30-year high at $22.92 per ounce.

Adding to the impressiveness of this session's strength was robust share volume. More than 1.2 billion shares traded hands this session. That's close to what was traded during the portfolio rebalancing and window dressing at the end of the third quarter.

Advancing Sectors: Materials (+2.8%), Industrials (+2.7%), Financials (+2.4%), Tech (+2.3%), Energy (+2.3%), Consumer Discretionary (+2.1%), Health Care (+1.8%), Telecom (+1.7%), Utilities (+1.1%), Consumer Staples (+1.1%)
Declining Sectors: (None)DJ30 +193.45 NASDAQ +55.31 NQ100 +2.5% R2K +3.0% SP400 +2.1% SP500 +23.72 NASDAQ Adv/Vol/Dec 2146/2.24 bln/491 NYSE Adv/Vol/Dec 2448/1.24 bln/561

3:39PM Qualcomm is seeing strong interest in using the FLO TV network or spectrum (QCOM) 44.35 +0.46 : Co issues statement on FLO TV. Co says as previously indicated it has been examining strategic opportunities for FLO TV. Co has been engaging in conversations with a wide range of partners for both the network and the spectrum. Co is seeing strong interest in using the FLO TV network or spectrum to capitalize on the growing imbalance between mobile data supply and demand, the growth of tablets, and consumer demand for high quality video and print content, and a richer user experience. While this process continues, co is suspending direct to consumer sales of new devices. "We anticipate we will maintain the network so that current direct to consumer subscribers will continue to receive FLO programming into Spring 2011. Service provided to handsets purchased through wireless operators is unaffected at this time. In the event of a discontinuance of service, FLO TV will make appropriate refunds, the details of which will be communicated prior to discontinuation. While we are working to redeploy impacted employees, we anticipate that there will be some layoffs."

11:55AM Emcore concludes accounting review and announces unaudited results for its third quarter and nine-month period ended June 30, 2010 (EMKR) 0.83 +0.05 : During Q3, mgmt determined that ~$2.5 mln of excess and obsolete inventory reserves related to Fiber Optics segment should have been recorded in the quarter ended September 30, 2009. Accordingly, balance sheet was corrected to reduce inventory by ~$2.5 mln with a corresponding increase to accumulated deficit. The impact resulted in the reduction of cost of revenue of ~$1.2 mln and $0.3 mln in the quarters ended December 31, 2009 and March 31, 2010, respectively which improved profitability in these reporting periods. Co also recorded a $0.2 mln compensation-related adjustment in the quarter and year ended September 30, 2009. These corrections had no impact to net cash used in operating activities as reported on the statements of cash flows. The effect of these corrections was not considered material to any previously reported financial statement and these corrections will be made to applicable prior period financial information in future filings with the SEC.

Sierra Wireless (SWIR) and TELUS (TU) announced a multi-year strategic agreement for Sierra Wireless to provide M2M Services Management for TELUS..

8:00AM National Semi and Suntech (STP) collaborate to develop 'smart panel' technology (NSM) 12.60 : Co announces that it is collaborating with Suntech Power, to develop "smart panel" technology, incorporating National Semiconductor's award-winning SolarMagic power optimizer chipset into Suntech solar panels to improve the power output of solar systems.

Taiwan Semi (TSM) expanded its IP Alliance to incorporate a soft IP program that will improve soft IP readiness for advanced technology nodes and drive earlier time-to-market.