By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks held steady Thursday, with
the S&P 500 Index coming within a fraction of its record close,
after reports had economic growth revised upward and weekly jobless
claims rising.
Data had fourth-quarter economic growth up 0.4% from a previous
estimate of 0.1%, and weekly jobless claims up by 16,000.
Equities offered little reaction after a gauge of business
activity in the Chicago region disappointed.
"Consumer confidence in March recently weakened, jobless claims
appear to be turning up and now the Chicago PMI was weaker than
expected. This trend absolutely bears watching," noted Dan
Greenhaus, chief global strategist at BTIG LLC.
The Dow Jones Industrial Average (DJI) rose 22.04 points, or
0.2%, to 14,548.20.
After rising to 1,565.14, just below its 1,565.15 finishing high
set in October 2007, the S&P 500 (SPX) was up half a point at
1,563.31.
Utilities fared the best and technology was the worst performing
of the index's 10 major industry groups
The Nasdaq Composite (RIXF) fell almost 2 points to
3,254.76.
Advancing issues remained just ahead of those declining on the
New York Stock Exchange, where 95 million shares exchanged hands as
of 10:10 a.m. Eastern. Composite volume neared 417 million.
Wells Fargo Advisors on Thursday raised its year-end 2013 target
range for the S&P 500 to 1,575-1,625 from 1,525-1,575, which it
set last fall.
Wells Fargo cited a broadening of growth into more segments of
the economy and expectations that this year will see improving
growth from both the industrial and housing markets.
"The period of initial surprise over European sovereign debt
issues, the noise of the election year, and the period of panic
over the fiscal cliff have moved into the past," Wells Fargo
analysts wrote in a note.
"We have moved out of a period of deep uncertainty into a period
of more moderate uncertainty," they said.
Overseas, Cyprus's banks began to reopen Thursday after a nearly
two-week closure as the country worked out a bailout with
international lenders. Television news reports showed orderly
queues at branches in Nicosia.
Meanwhile, center-left Italian political leader Pier Luigi
Bersani is expected to formally notify Italy's president that he
was unable to form a government.
"The day ahead could prove very volatile in light of euro-zone
risk and month- [and] quarter-end hedging flows, which may struggle
somewhat as liquidity fades fast heading into the long weekend,"
said Christian Lawrence, strategist at Rabobank International in
London.
U.S. markets are closed Friday.
U.S. stocks have had a torrid run in the first quarter. The Dow
Jones Industrial Average hit the latest in a string of closing
highs on Tuesday. The S&P 500 Index saw a fractional loss
Wednesday, which left it just 2.3 points from its all-time closing
high.
European equities pushed to the upside Thursday, with the Stoxx
600 Europe index up 0.5%. Italian and Spanish government-bond
yields saw renewed upward pressure, however.
Movers
Shares of struggling smartphone maker BlackBerry Inc. (RIMM)
rose 1.8% after the company defied expectations for a
fourth-quarter loss, although revenue came in below forecasts.
Investors' main concern , however, will likely be whether the
company's new Z10 smartphone is getting traction.
Blackstone Group LP (BX) is open to keeping Michael Dell as
chief executive of the PC maker he founded should the
private-equity firm be successful in its buyout bid for Dell Inc.
(DELL), The Wall Street Journal reported. Shares of Dell slipped
0.1%.
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